MBC Group soars 30% on TASI debut

Logo of MBC Group Co.

MBC Group’s stock rose 30% today, Jan. 8, to SAR 32.50, in its first session on the main market (TASI), adding SAR 7.50 to the listing price of SAR 25 apiece.

Nearly three million shares worth over SAR 90 million were traded, through about 5,000 transactions.

The company started trading on TASI today, under the media and entertainment sector.

The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively, applicable during the first three days of listing. From the fourth trading day onwards, the daily price fluctuation limit will revert to ±10% and the static price fluctuation limit will no longer apply.

The company had floated 33.25 million shares, or 10% of its capital, at SAR 25 each. Out of the offered shares, 90% were allocated to participating parties and 10% to retail investors.

Each retail investor received a minimum of nine shares.