ACWA Power shares rise 30% to SAR 72.80 on debut

Logo of International Company for Power and Water Projects (ACWA Power)

Shares of International Company for Power and Water Projects (ACWA Power) rose their daily limit of 30% to reach SAR 72.80, today, Oct. 11, compared with the listing price of SAR 62.

Nearly 8.7 million shares were traded through 30,300 transactions, at 286 shares per transaction.

Purchase orders were placed on 13.7 million shares.

ACWA Power started trading on the Saudi Exchange (Tadawul) today, with the symbol 2082 and under the energy sector.

Daily price fluctuation limits will be set at ±30%, while static price fluctuation limits will be ±10%. These fluctuation limits will apply in the first three days of listing.

ACWA Power was established in 2008 in Riyadh to acquire Arabian Company for Water and Power Projects (ACWA Power Projects), which was established in 2004 to participate in the privatization of the water and electricity sector in Saudi Arabia, according to data compiled by Argaam.

The company’s main business focuses on electric power generation, distribution and wholesale of electrical energy, water desalination, establishment of electric power plants and transformers, repair and maintenance of electric power plants and transformers, and wholesale of desalinated water.