RIYADH, 13 December 2006 — Shares of Al-Babtain Power & Telecommunication Co. soared 50 percent on debut on the Tadawul yesterday. After opening at SR59, the shares rose to SR60 and plummeted to a low of SR43.50 before settling down at SR60 at the close of the first day of trading.
The total volume of Al-Babtain shares, which are trading in the industrial sector, was 21,324,455 with turnover of slightly over SR1 billion yesterday.
Al-Babtain’s 10-day initial public offering (IPO), which opened Nov. 4, collected over SR955.4 million. The IPO was oversubscribed 2.95 times. Over 2.2 million subscribers participated in the IPO. Each share was priced at SR40.
The Tadawul All-Share Index closed 36.55 points higher yesterday at 7,837.06. Al-Babtain became the 85th company to be traded on Tadawul.
