The share of the Food Development Company, Tanmia, achieved the lead in the rises of the main Saudi stock market, in its first trading in the market, increasing by a maximum of 30% at a price of 87.1 riyals per share.
According to Arabiya Net, the trading value of the stock at that time amounted to about 1.67 million riyals, with a trading volume of 19.21 thousand shares.
Today, the listing and trading of the shares of the Food Development Company began in the main market in the Saudi Tadawul, provided that the daily price fluctuation limits are 30% up or down, with the application of fixed limits for price fluctuations at 10% up or down.
Saudi Tadawul said, earlier, that these limits will be applied only during the first three days of listing, and starting from the fourth trading day, the daily price fluctuation limits will be reset to 10% up or down, and the fixed limits of price fluctuation will be abolished.
The Saudi Fransi Capital Company, the financial advisor, lead manager and manager of the institutional subscription registry, and the underwriter for the offering of the Food Development Company, had announced the end of the public offering of the company's shares on Tuesday before last.
The coverage ratio in the company’s shares offered to individual subscribers reached 1170.48%, and the number of individual subscribers reached 69,598 subscribers who pumped about 470.53 million riyals, to subscribe to the number of 600 thousand shares at a price of 67 Saudi riyals per share.
Saudi Fransi Capital has successfully completed the process of building the order book for the segment of institutions subscribing in the company's shares, and that the coverage ratio reached 9534% of the total offered shares at a price of 67 riyals per share.
The participating entities have subscribed to all the offered shares, as 6 million ordinary shares have been allocated to them, which represents 100% of the total shares offered for subscription as a first stage.
Food Development offered 6 million shares for subscription, representing 30% of the Saudi company's capital.
It is noteworthy that the Saudi Food Development Company has set the price range for its public offering between 59 and 67 riyals per share.
The company is one of the Al-Dabbagh Holding Group companies, which was established about 60 years ago, and it is one of the largest and oldest food producing companies in the Kingdom, and it seeks to be a regional leader and enter the halal market globally.
