Biggest Saudi IPO since Aramco up 30% on debut

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 per cent 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, offered shares at 56 riyals each. It drew in more than $300 billion in orders, meaning investors’ allocations were limited. ACWA is now valued at $14.2 billion, making it one of the biggest listed companies in Riyadh. “ACWA Power... reinvented the power sector in Saudi Arabia,” said Tarek Fadlallah, Dubai-based head of Nomura Asset Management’s Middle East unit,