Arabian United Float Glass Company has set its price guidance for trading its shares on the Nomu-Parallel Market at 54 Saudi riyals ($14.39).

Trading the shares will be limited to qualified investors, Argaam reported, quoting the company’s registration document.

The price guidance is issued because the stock price is determined by market demand, unlike in an initial public offering, where the share price is negotiated in advance.

In March, the Capital Market Authority (CMA) approved Arabian United Float Glass’ application for a direct listing.

The Saudi Exchange is the first GCC exchange to allow direct listing, enabling companies to directly list their shares in Nomu, according to its website.

(Editing by Seban Scaria seban.scaria@lseg.com)