ACWA Power shares add $3 billion, jumping 30% to 72.8 riyals at the beginning of its trading

Today, Monday, trading started on ACWA Power shares In the Saudi market, “Tadawul” at a price of 56 riyals per share, provided that the daily price fluctuation limits are 30%, down and up, with the application of fixed limits for price fluctuation at 10%, down and up.

ACWA Power’s share amounted to 71.8 riyals at the beginning of trading, with a maximum increase of 30%. Thus, the market value of “ACWA Power” rose to about 14.3 billion dollars, an increase of 3 billion dollars during the first minutes of the opening of the shares’ trading.

These limits will be applied only during the first three days of listing, and starting from the fourth trading day, the daily price fluctuation limits will be reset to 10% up and down, and the fixed limits of price fluctuation will be abolished.

The total proceeds of the offering are estimated at 4.547 billion riyals, of which about 160 million riyals will be allocated to pay all costs and expenses related to the offering, bringing the net proceeds to about 4.387 billion riyals that the company will keep and intend to use 70% of the proceeds to finance its contribution to the capital for future projects. The remaining 30% is for general corporate purposes.

The total shares offered are 81.199 million shares, representing 11.1% of the company’s capital after the capital increase, which represents 12.6% of the capital before the increase.


Last Monday, Riyad Capital, in its capacity as the lead manager for the International Water and Energy Works Company “ACWA Power”, announced the completion of the offering process for the individual category and the allocation of a minimum of 6 shares to each individual subscriber included in the subscription application, while the remaining shares will be allocated on a pro rata basis based on the volume of the application. Each subscriber to the total remaining shares required to be subscribed, with an allocation rate of 0.02197% on a pro-rata basis.

The segment of individual subscribers witnessed the participation of 1.35 million individuals, with a coverage rate of 1989.96%, and total requests amounting to 9,048,682.160 riyals.


It is noteworthy that the shares offered by the institutions were covered about 248 times, with a total of applications submitted with a value of about 1127 billion riyals, and local investors pumped 1075 billion riyals with a coverage volume of 236 times, while the coverage of Gulf investors amounted to 36 billion riyals with a volume of coverage 8 times, and foreign investors pumped 16 billion riyals, the volume of coverage is 4 times.


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