https://arab.news/y7xc7
RIYADH: 抖阴短视频鈥檚 ACWA Power shares will debut on the main market of the Saudi Stock Exchange on Monday, October 11, according to a bourse filing.
Half-owned by the Kingdom鈥檚 Public Investment Fund, the company is selling 81.2 million shares at SR56 each or an 11.1 percent stake. The institutional tranche, which makes up 90 percent of the IPO, was 248 times oversubscribed, attracting SR1.127 trillion.
The stock will have plus/minus 30 percent daily price fluctuation limits and plus/minus 10 percent static price fluctuation limits, according to a statement on the Saudi Stock Market (Tadawul).
These fluctuation limits will be applied during the first three days of listing, and from the fourth trading day onwards, the daily price fluctuation limits will revert to plus/minus 10 percent and the static price fluctuation limits will no longer apply.
Acwa Power will stick to its ambitious spending plans after it goes public and double its assets over the next four years, the head of the energy and water company has told Arab News in an interview in September.
Paddy Padmanathan, CEO of the business, was bullish about Acwa鈥檚 future prospects as he talked up how technological developments are revolutionizing the way the company operates.
The Riyadh-based firm already has 64 projects across the world, and Padmanathan insists there will be no slowing down when 81.2 million shares, representing 11.1 percent of the company, are listed on the Main Market of the Saudi Stock Exchange, Tadawul.
The company, which the Saudi sovereign wealth fund is a key shareholder in, uses project finance to fund all of its projects but it will continue investing around SR2.8bn a year of its own money into these projects to keep growing, Padamanthan said.
鈥淲e鈥檝e got 64 assets in operation, construction and advanced development in 13 countries on three continents. This represents $248 billion worth in value, and we are producing 2.8 million cubic meters of desalinated water, and 20 gigawatts of energy. By 2025 this should be 41 gigawatts and 6.4 million cubic meters,鈥� Padmanathan told Arab News, adding: 鈥淲e developed a business model based on diversification, and demonstrated the efficiency we鈥檝e demonstrated, and our ability to deliver new assets.鈥�