Saudi office supplies distributor Pan Gulf Marketing is set to make its debut on the stock market next week, the Saudi Stock Exchange (Tadawul) confirmed on Wednesday.

The company will start trading its shares on the Nomu – Parallel Market on Sunday, February 18, with the symbol 9593 and ISIN Code SA161054LSH3. Daily price fluctuation limits are set at 30%.

The company recently offered 600,000 ordinary shares, equivalent to 12% of total shares, during an initial public offering (IPO).

The offering, with an offer price of SAR 51 ($13.6) per share, was 108.92% covered on Tadawul’s parallel market.

Established in 1964 in Saudi Arabia, Pan Gulf is a distributor of stationery and office supplies from top global brands. It has presence in the UAE, Kuwait, Qatar, Oman, Bahrain, Yemen and other areas in Levant and Africa.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com