Arabian Mills debuts on main market

Dubai: Shares of Arabian Mills for Food Products Co. traded between $17.74 (Dh65.16) and $19.34 (Dh71.04) during their first session on the Main Market (TASI) today, October 8, compared to the initial offer price of $17.58 (Dh64.57).

The company saw a trading volume of approximately 11 million shares, executed through over 43,000 transactions, resulting in a turnover of $199.7 million (Dh733 million).

Arabian Mills made its debut on TASI today under the ticker symbol 2285 and ISIN Code SA164H113MH2, starting at $17.58 (Dh64.57) per share.

For the first three days of trading, the stock will have daily and static price fluctuation limits of ±30 per cent and ±10 percent, respectively, according to a report by Saudi financial news portal Argaam.com.

From the fourth trading day onward, the daily price fluctuation limit will adjust to ±10 per cent, and the static limit will no longer apply.

Previously, the company offered 15.39 million shares, representing 30 per cent of its capital, at a price of $17.58 (Dh64.57) each. Retail investors were allocated 10 per cent of the total shares offered, while institutional investors received the remaining 90 per cent.