Riyad-based ACWA Power will enter Saudi Arabia’s main market from the start of trading on Oct.18 and also join the Utilities Industry Group Index, Tadawul announced on Tuesday.
ACWA, in which the kingdom’s largest sovereign wealth fund, the Public Investment Fund, owns nearly half the stake, saw its shares jump by 30 percent on debut on Tadawul on Monday.
Media reports said its market value increased by $3 billion in the first few minutes of trading.
ACWA is selling an 11.1 percent stake at SR56 ($14.93) per share, the top end of the offer range. The company issued 81.2 million shares.
Mohammed Al Rumaih, CEO of Saudi Exchange, said, “We are delighted to celebrate the listing of ACWA Power on the Main Market. This is the largest offering in Saudi Exchange since Saudi Aramco listing as this signals the strength of the Saudi Capital Market.”
The subscription period ended on Oct. 1 and the institutional investors oversubscribed to the offered shares by 248 times, drawing orders of nearly SAR 1.1 trillion, while retail investors oversubscribed the shares of the offering over 200 times drawing orders exceeding SAR 9 billion.
ACWA Power was established in 2004 and is a developer, investor and operator of power generation and desalinated water production plants.
ACWA Power to enter Saudi Arabia’s main market from Oct. 18
- After debut on the Saudi exchange, ACWA shares jump by 30 percent.
- ACWA Power is selling an 11.1 percent stake at SR56 ($14.93) per share. It is the third-largest listing on the bourse.