Modern Mills to make debut on TASI on March 27

Logo of Modern Mills Co.

Modern Mills Co. will start trading on the main market (TASI) on March 27, under the symbol 2284 and ISIN code SA1610O13M15.

Shares will trade with ±30% daily and ±10% static price fluctuation limits in the first three days, Tadawul said in a statement.

For More IPOs

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.

Modern Mills floated 24.55 million shares, or 30% of its capital, on TASI. As much as 90% of the offered shares was allocated to institutional investors while the remaining 10% was allotted to individuals at SAR 48 a share, according to Argaam's data.

The retail offering was 21.9x covered and the number of individual subscribers reached 966,710, with proceeds reaching nearly SAR 2.6 billion. The institutional offering was 127x covered.