Goldman to Test #Saudi Rules to Limit Stock Swings Post IPO - Bloomberg

Goldman to Test Saudi Rules to Limit Stock Swings Post IPO - Bloomberg:

Goldman Sachs Group Inc. will test Saudi Arabia’s new market rules that aim to limit price swings after share sales.

The bank is acting as stabilization agent for mall owner Arabian Centres, which plans to start trading on May 22 after completing the kingdom’s biggest initial public offering since 2015. Arabian Centres raised about 2.47 billion riyals ($659 million) after pricing shares at the bottom end of the range.

Goldman Sachs may sell additional shares or take other actions to support the Arabian Centres shares. The mall owner allocated an extra 12.8 million shares, or 13.5% of the offering, to the bank, according to a statement from the Capital Market Authority. The fluctuation limit has been set at 10%.