The listing of the shares of Nayifat Finance Company began on the main market, in the Saudi Tadawul market, today, Monday.
According to Arabiya Net, the stock achieved a gain of 4.56% at a price of 35.55 riyals, as of 12:00 Saudi time, and recorded the highest value and trading volume of about 918 million riyals, and 26 Million shares.
The main market index, TASI, reversed its course, declining by 1% to the level of 11364 points, after rising in the beginning of trading.
The value of trades amounted to 3.4 billion riyals from trading about 100.8 million shares.
The daily price fluctuation limits for the Nayifat share will be 30%, up and down, during the first 3 days of listing.
The subscription of Nayifat's shares was at 34 riyals per share, which means that the company was listed with a market value of 3.4 billion riyals, and the offering percentage constituted 35% of the company's capital.
The period of individual investors' subscription began after the completion of the book building process for institutions on October 28, 2021, and the total value of institutional subscription reached 162 billion riyals, with a coverage rate exceeding the target by 136 once.
The coverage was distributed to Saudi companies, including listed companies, private companies, insurance companies, financial market institutions, with a coverage rate of 92 times, public funds, private funds, and funds managed by financial market institutions. With a coverage rate of 37 times, non-Saudi investors include investors in the Gulf Cooperation Council countries, qualified foreign investors and investors through swap agreements with a coverage rate of 5 times, and government institutions twice.
