Shares of Miahona (2084) soared by the maximum limit of 30% during Thursday’s session, marking its first trading day on the local market “Tadawul”.
This comes just one day after the start of trading for “Fakeeh Care Group” (4017), whose shares rose by only about 10% by the end of trading.
Details
The Saudi company which works in water collection management and wastewater treatment services, offered 48.3 million shares, representing 30% of its capital, for public subscription on the main market, at a price of 11.5 riyals per share.
80% of the offered shares were allocated to institutions, while 20% were allocated to individuals.
So What
The listing of “Miahona” is the fifth on the main market “TASI” this year.
This follows the listing of “MBC Group” on January 8, “Avalon Pharma” on February 27, “Modern Mills” on March 27, and “Fakeeh Care Group” on June 5.
With this addition, the total number of companies listed on “TASI” reaches 218, excluding the 18 traded real estate funds.
Last year saw the listing of 7 companies on the Saudi stock market.
Now What
Bloomberg reported that “Arabian Oud” has appointed investment banks to manage its potential initial public offering on the Saudi stock exchange.
Founded by Sheikh Abdul Aziz Al-Jasir in 1982, the company owns 1,200 stores in 37 countries. It describes itself as “the world’s largest supplier” of oriental perfumes.
On Monday, the Capital Market Authority approved the request of “Almajed for Oud,” a competitor to “Arabian Oud,” to register its shares and offer 7.5 million shares to the public (30% of its total shares).
It is worth noting that “Tadawul” revealed last month that more than 50 companies had submitted applications for listing.
Arabian Oud’s plan to go public comes amid a boom in such deals in the Kingdom.
Four recent initial public offerings attracted a total of $176 billion from institutional investors’ bids.
This follows the government’s launch of a secondary offering of energy giant “Aramco” shares worth $12 billion last Sunday.
This represents “one of the largest share offerings in the world” in recent years, which sold out shortly after the offering began.
