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ACWA Power International raised more than $1.2 billion in the biggest Saudi listing since Aramco. The stock jumped by the 30% daily limit to 72.80 riyals and ACWA is now valued at $14.2 billion, making it one of the biggest listed companies in Riyadh. ACWA aims to play a major role in the transition to greener energy by producing renewable electricity and hydrogen, as the government has said ACWA will help develop 70% of Saudi renewable energy projects. It is also a part of a consortium developing a $5 billion plant for exporting green energy and using solar and wind powered fuel in the new city of Neom.

Saudi Arabia’s biggest IPO since Aramco surges in debut

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ACWA Power International raised more than $1.2 billion in the biggest Saudi listing since Aramco. The stock jumped by the 30% daily limit to 72.80 riyals and ACWA is now valued at $14.2 billion, making it one of the biggest listed companies in Riyadh. ACWA aims to play a major role in the transition to greener energy by producing renewable electricity and hydrogen, as the government has said ACWA will help develop 70% of Saudi renewable energy projects. It is also a part of a consortium developing a $5 billion plant for exporting green energy and using solar and wind powered fuel in the new city of Neom.

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