Saudi Arabia's Acwa Power, a leader in power generation and water desalination plants, today registered a 30 per jump in its share value on its market debut after a $1.2 billion IPO, the kingdom's biggest since state energy giant Saudi Aramco's massive public offering two years back.
Leading Acwa Power officials including its Chairman Mohammad Abunayyan and President and CEO Paddy Padmanathan joined Saudi Exchange Chairman Khalid Al Hussan and CEO Mohammed Al Rumaih, alongside other leading board members to celebrating its big listing at the Saudi bourse.
Acwa Power had issued 81.2 million shares, representing 11.1% of the company’s share capital. The issued shares were set at an offering price of SR56.
The subscription period ended on October 1, 2021 the institutional investors oversubscribed to the offered shares by 248 times, drawing orders of nearly SR1.1 trillion, while retail investors oversubscribed the shares over 200 times drawing orders exceeding SR9 billion.
This finally led to the company raising more than SR4.5 billion, thus making it the third largest offering in Saudi Exchange.
Marking the occasion, Al Rumaih said: "We are delighted to celebrate the listing of ACWA Power on the Main Market. This is the largest offering in Saudi Exchange, since Aramco listing as this signals the strength of the Saudi Capital Market. The listing is strategically important for the kingdom as Acwa Power plays a significant role in the country’s transition to greener energy and its listing will enable it to unlock the necessary capital for growth and expansion."
"We welcome Acwa Power to the market and we will continue to enhance the investment opportunities available for local and international investors, and ultimately raise the attractiveness of the Saudi capital market," he stated.
Abunayyan said: "Over our 17-year history, Acwa Power has grown into a leading player in power, water and hydrogen driving the energy transition in Saudi Arabia and in twelve other countries around the world, supplying power and water reliably, responsibly and at low cost to support the sustainable social development and economic growth of nations and the wellbeing and happiness of communities across the world."