Shares of AlKhorayef Water up 30% to SAR 93.60 on debut

Logo of AWPT

Shares of AlKhorayef Water and Power Technologies Co. (AWPT) rise by 30% to SAR 93.60 (+SAR 21.60 vs. the IPO price of SAR 72) on its debut on the Saudi Stock Exchange (Tadawul).

Around 462,500 shares were exchanged for a total turnover of SAR 43.2 million through 1,831 transactions.

The stock’s daily fluctuation limit stands at ±30% while the static price fluctuation limits are ±10%. These fluctuation limits will be applied only during the first three days of listing, and from the fourth trading day onwards, the daily price fluctuation limits will revert to ±10% and the static price fluctuation limits will no longer apply.

AWPT is the first company to be listed on Tadawul’s main market since the fluctuation limits came into effect on Nov. 8, 2020.

In 1985, the company started as a business unit of Abdullah Ibrahim Alkhorayef. In 1991, it was set up in Riyadh as a limited liability company with a capital of SAR 5 million.

In 2020, the firm was converted into a closed joint-stock company, Alkhorayef Water & Power Technologies Co. (AWPT) and its capital was hiked from SAR 80 million to SAR 250 million.

The company's main activities are in the water, wastewater and integrated water solutions sectors.

Its activities include extensions of water pipelines between and within cities, construction of new networks and their maintenance, construction and repair of main stations and lines for water distribution, construction and repair of irrigation and watering canals and main water storage towers, drilling and maintenance of water wells, construction and repair of sewage stations and projects, sewage networks and pumps, and the construction of dams.

*Sept. 30, 2020