Saudi ACWA Power International shares, jump 30 percent over listing price in debut

Shares in utility Saudi Arabian developer ACWA Power International jumped 30 percent above its listing price on its Riyadh market debut on Monday.

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ACWA’s shares rose to 72.80 Saudi riyals ($19.41) in early trading, compared with the price at its initial public offering (IPO) of 56 riyals a share.

ACWA, responsible for building renewable projects in the kingdom, priced its IPO at the top of the range last month, successfully raising $1.2 billion from investors.

It was the kingdom’s biggest public share sale since Saudi Aramco’s $29.4 billion IPO in 2019.

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