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Saudi Islamic finance company Nayifat Finance will begin listing and trading its shares on the main market of the Saudi Stock Exchange on Monday, November 22.

The company will trade with the symbol ISIN Code SA15DGH1VOH4, with a daily fluctuation limit of 30% and a static price fluctuation limit of 10%, the Saudi Stock Exchange (Tadawul) announced on Sunday.

The fluctuation limits will be applied during the first three trading days. From the fourth trading day, the daily price fluctuation limit will revert to 10% and static price fluctuation limits will no longer apply, the exchange said.

The company recently concluded the bookbuilding process for its initial public offering (IPO), which was oversubscribed 136 times. The final offer price was set at 34 riyals ($9) per share.

The company previously 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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