The stock of National Commercial Bank (NCB) has opened Wednesday’s session on the Saudi Stock Exchange (Tadawul) at its maximum limit of SAR 49.5, with a rise by 10% above the offering price of SAR 45.
During the first thirty minutes of trading, 803.45 thousand shares in the company were exchanged at SAR 39.77 million, or SAR 49.5 per share. No other shares were offered after that.
NCB stock was forecasted by economic experts to record huge leaps on debut ranging between SAR 65 and SAR 80.
Subscription to NCB’s IPO was carried out at SAR 45 per share; 30% below the stock’s fair value.