ACWA Power International shares jump 30% over listing price in debut

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

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 2222.SE $29.4 billion IPO in 2019.