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Saudi Islamic finance firm 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 under ISIN code SA15DGH1VOH4, with a daily fluctuation limit of 30% and a static price fluctuation limit of 10%, the Saudi Stock Exchange (Tadawul) said 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 drop back to 10% and static price fluctuation limits will no longer apply, the exchange said.

The company recently completed the book-building process for its Initial Public Offering (IPO), which was 136 times oversubscribed. The final offering price was set at 34 rials ($ 9) per share.

The company previously announced its intention to sell 35 million of its shares to institutional and retail investors.

(Written by Cleofe Maceda; edited by Mily Chakrabarty)

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