Tadawul and Watani Steel Company Celebrate its Direct Listing on Nomu-Parallel Market Through a Virtual Ceremony
Riyadh, 17 February 2021 – The Saudi Stock Exchange (Tadawul) today welcomed the listing of Watani Iron & Steel Co. (Watani Steel), through a virtual ceremony, marking the second direct listing on the Nomu – Parallel Market. The listing ceremony was attended by Mohammed Al Rumaih, Chief of Markets at Tadawul, and Abdulakarim Al Rajhi, Chairman of Watani Steel Company.
Commenting on the occasion, Al Rumaih said: “We are pleased to welcome Watani Steel to Nomu-Parallel Market. This direct listing on Nomu-Parallel Market is possible due to the structural enhancements we introduced in 2019. These changes support the growth and development of the SME-focused market and increase market liquidity. Watani Steel’s direct listing confirms the importance of Nomu’s role in bolstering SMEs and in supporting the Kingdom’s economic development.”
Tadawul is the first exchange in the GCC to allow direct listings, which enables companies to directly list their shares on the Nomu - Parallel Market without an offering, alongside many incentives Tadawul have introduced to support companies who intend to list on either the Main Market or Nomu – Parallel Market. Nomu is a key platform for supporting the growth and development of SMEs in Saudi Arabia by facilitating and diversifying financing options and growth opportunities, while supporting the Vision 2030.
Watani Steel issued a total of 12,110,000 shares at a guiding price of SAR 37 per share. It is an integrated steel producer founded in Riyadh, Saudi Arabia in 2008 to meet the growing demand for high quality steel products by the building and construction sector.