Tamkeen Holding Shares Surge 30% in First Trading Day

Tamkeen Holding Company’s shares led the gains in the Saudi market on their first day of trading, with the stock rising by 30% to reach 65.0 riyals, up from the final offering price of 50 riyals per share.

Earlier, the Saudi Financial Market (Tadawul) announced the listing and start of trading for Tamkeen shares on the main market index "TASI" from Wednesday, November 27. Tadawul also stated that daily price fluctuation limits would be set at +/- 30% during the first three days of trading, with fixed fluctuation limits of +/- 10% to be applied afterward.

Tadawul confirmed that these fluctuation limits will remain in effect for the first three days, and on the fourth trading day, daily price fluctuation limits will be reset to +/- 10%, with the cancellation of fixed fluctuation limits.

Tamkeen had earlier announced the offering of approximately 7.95 million shares, representing 30% of its capital, with 80% of the shares allocated to institutional investors and 20% to individual investors. The offering was massively oversubscribed, with individual shares being covered about 14.43 times. Subscription requests in the institutional category exceeded 55 billion riyals, with a coverage ratio of about 138.2 times.