Modern Mills to float shares on Tadawul this week

Modern Mills to float shares on Tadawul this week

Riyadh – Mubasher: Modern Mills for Food Products Company will start the listing and trading of its shares on the Main Market of the Saudi Exchange (Tadawul) on Wednesday, 27 March 2024.

Tadawul indicated that the stock will be trading at daily and static price fluctuation limits of +/- 30% and +/- 10%, respectively, according to a bourse disclosure.

The fluctuation limits will be applied during the first three days of the listing, until 29 March.

From the fourth trading day onwards, the daily price fluctuation limits will revert to +/- 10%, while the static price fluctuation limits will no longer apply.

Under symbol 2284, the Saudi firm will trade 24.54 million shares that equal 30% of its share capital after obtaining the approval of the Capital Market Authority (CMA) on 31 December  2023.

Last February, Modern Mills concluded the book-building process for its initial public offering (IPO), setting the final price at SAR 48 per share.

Modern Mills to float shares on Tadawul this week