Acwa Power shares surge 30% in record listing for a renewable company in the Middle East – The National

Acwa Power shares surge 30% in record listing for a renewable company in the Middle East – The National

Saudi Arabian power developer Acwa Power saw its shares surge nearly 30 per cent in their debut on the Saudi Tadawul stock exchange after a $1.2 billion initial public offering, the kingdom's largest listing since Aramco went public.

Acwa Power's shares traded at 72.80 Saudi riyals ($19.41), nearly 1.3 times the offer price of 56 riyals per share.

The Riyadh-based utility developer offered 81,199,299 shares in one of the biggest listings in the energy space after Saudi Aramco's record IPO on the Tadawul in 2019, which raised a record $29.4bn.