AWPT’s IPO sets the scene for a bumper year

Published: July 15, 2021

The Kingdom of Saudi Arabia is anticipating a busy year of stock market listings, as investors look to allocate cash saved up during the pandemic.

At the beginning of March EFG Hermes completed advisory on a landmark initial public offering (IPO). The IPO in question for Alkhorayef Water & Power Technologies (AWPT), raised SAR540 million (US$144mn) on Tadawul, the Saudi stock exchange. Investors bought 7.5 million shares in AWPT, or 30% of the company’s share capital, at SAR72 per share.

AWPT is a subsidiary of the Alkhorayef Group, which began its commercial activities as an agricultural equipment provider before branching into various subsidiaries. Today, the parent company operates in a number of fields including oil, contracting, machinery systems and printing/paper, while AWPT focuses on water and wastewater projects. 

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