Saudi Arabia’s biggest IPO since Aramco surges in debut
Al Jazeera
Renewable energy business ACWA Power International is seen as key to the country’s efforts to diversify from oil.
ACWA Power International surged on its debut in Riyadh after raising more than $1.2 billion in the biggest Saudi Arabian listing since Aramco.
The stock jumped by the 30% daily limit to 72.80 riyals on Monday as investors flocked to a business seen as key to Saudi Arabia’s efforts to diversify from oil. ACWA, which aims to play a major role in the transition to greener energy by producing renewable electricity and hydrogen, had offered shares at 56 riyals each.
The offering drew in more than $300 billion in orders, meaning investors’ allocations were severely limited. ACWA is now valued at $14.2 billion, making it one of the biggest listed companies in Riyadh.
