{"id":103208,"date":"2025-12-10T00:00:00","date_gmt":"2025-12-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/cgs-ekes-out-0-8-gain-on-first-day-of-tadawul-trading\/"},"modified":"2025-12-10T00:00:00","modified_gmt":"2025-12-10T00:00:00","slug":"cgs-ekes-out-0-8-gain-on-first-day-of-tadawul-trading","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/cgs-ekes-out-0-8-gain-on-first-day-of-tadawul-trading\/","title":{"rendered":"CGS ekes out 0.8% gain on first day of Tadawul trading"},"content":{"rendered":"

Saudi cold-chain manufacturer<\/strong> Consolidated Gr\u00fcnenfelder Saady Holding (CGS) inched<\/strong> up 0.8% to close its first day of trading on Tadawul at SAR 10.08 per share<\/strong>, according to market data. The stock swung between a high of SAR 10.79 and a low of SAR 9.70, with around 19.2 mn shares changing hands across 16.7k trades worth SAR 192.5 mn. <\/p>\n

IN CONTEXT- <\/strong>The gain, modest as it is, puts CGS alongside Almasar Education<\/a> as one of the rare IPOs to post a positive first day performance in 3Q, defying a broader run of weaker debuts (think Cherry Trading<\/a> and Marketing Home Group<\/a>) amid liquidity strains. \u201cEveryone will adjust to the idea that not all IPOs will perform 30-40% on day one,\u201d Mostafa Gad, EFG Hermes\u2019 head of investment banking, told Bloomberg<\/a>. \u201cWe\u2019re becoming a mature market,\u201d he added. <\/p>\n

CGS\u2019s SAR 300 mn debut ranks in the lower tier of 2025 offerings <\/strong>and ahead only of Sport Clubs Company (SAR 257 mn)<\/a> and Cherry Trading (SAR 252 mn)<\/a>. With the benchmark down roughly 12% YTD, TASI is headed for its worst year since 2015<\/a>, weighing on a number of newly-listed stocks, with some IPO hopefuls not even making it to market<\/a>. Average listing gains in Saudi dipped into negative territory this year, only two of the kingdom\u2019s larger debuts now trade above offer, and institutional books \u2014 which once drew triple-digit coverage \u2014 are coming in more measured, Bloomberg notes. IPO sizes also tightened as investors lean toward simpler, mid-market names rather than SAR bn raises. <\/p>\n

REFRESHER-<\/strong> The cold-chain manufacturer, which holds around 41% of the Kingdom\u2019s automotive refrigeration and vehicle-body solutions market, took a 30% stake to market<\/a> in a secondary offering. Shares were priced at SAR 10 apiece, valuing the company at around SAR 1 bn at listing and handing selling shareholders some SAR 300 mn in gross IPO proceeds. <\/p>\n

ADVISORS- <\/strong>Aljazira Capital acted as financial advisor, lead manager, underwriter, and joint bookrunner alongside Arqaam Capital, Himmah Capital was advisor to the selling shareholders, Latham & Watkins provided counsel to the company, PwC was financial due diligence advisor, Ernst & Young was auditor, and Euromonitor International acted as market consultant.<\/p>\n

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