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Saudi Arabian Islamic finance company Nayifat Finance will start listing and trading its shares on the main market of the Saudi bourse on Monday, November 22.
The company will be trading with the symbol ISIN Code SA15DGH1VOH4, with a daily fluctuation limit of 30 percent and static price fluctuation limit of 10 percent, the Saudi Stock Exchange (Tadawul) announced on Sunday.
The fluctuation limits will be applied during the first three days of listing. From the fourth trading day onwards, the daily price fluctuation limit will revert to 10 percent and the static price fluctuation limits will no longer apply, the bourse said.
The company has recently concluded the book-building process for its initial public offering (IPO), which was 136 times oversubscribed. The final offer price was set at 34 riyals ($9) per share.
The company had earlier announced plans to sell 35 million of its shares to institutional and retail investors.
(Writing by Cleofe Maceda; editing by Mily Chakrabarty)
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