Saudi Alkhorayef to list, trade on Tadawul beginning March 1

Alkhorayef floated a 30%stake, or 7.5 million shares, in an IPO, out of which 90% was allocated to institutions and 10% to retail investors

  
Saudi traders are seen as they monitor stock information at ANB Bank in Riyadh, Saudi Arabia December 15, 2020.

Saudi traders are seen as they monitor stock information at ANB Bank in Riyadh, Saudi Arabia December 15, 2020.

REUTERS/Ahmed Yosri

The listing and trading of the shares of Alkhorayef Water & Power Technologies Co. shares will take place on Monday, March 1.

The stock, which has been assigned the symbol 2081, will trade with +/- 30 percent daily price fluctuation limits and +/- 10 percent static price fluctuation limits for the first three days of trading, Tadawul said on Thursday.

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, Tadawul said. 

In a separate statement, the Securities Depository Center Co. (Edaa) said it has added the subscribed securities in Alkhorayef into the center’s accounts of eligible securities’ holders on Thursday.

Alkhorayef floated a 30 percent stake, or 7.5 million shares, in an initial public offering (IPO), out of which 90 percent was allocated to institutions and 10 percentto retail investors, according to Saudi Fransi Capital and EFG Hermes KSA who acted as the joint bookrunners for the IPO. The final price was set at 72 Saudi riyals ($19.20).

According to the prospectus, the company said it is one of the main players in the Kingdom's water sector, with its main business segments including water, wastewater, and integrated water solutions.

The Saudi National Transformation Program 2020 and the Vision 2030 include plans to rationalize water consumption and provide sustainable water resources. 

(Reporting by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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