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ACWA Power International surged in Riyadh on debut after raising more than $1.2 billion in the largest Saudi Arabian listing since Aramco.
The stock was jumped by the daily limit of 30.80 riyals 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 contribute to the transition of renewable energy in India by producing renewable electricity and hydrogen, had offered shares at 56 riyals each.
The offering drew in more than $300 billion in orders, meaning that investors allocations were severely restricted. ACWA is now valued at $14.2 billion, making it one of the biggest listed companies in Riyadh.
ACWA Power is an outstanding success story - it reinvented the power sector in Saudi Arabia, Tarek Fadlallah, the head of Nomura Asset Management's Middle East unit in Dubai, said in an interview with Bloomberg Television before the market opened. The valuation is a different issue. I m not sure it is a cheap stock. The government has said that ACWA will assist in the development of 70% of Saudi Renewable Energy Projects. It is part of a consortium that is building a $500,000 plant that will export green hydrogen from the new city of Neom. Solar and wind power is used to make the fuel.
The listing comes amid a surge in Riyadh Stocks, with the main exchange in Saudi Arabia up 33%. The Kingdom s economy and markets have been boosted by oil prices which are headed up by more than 60% in 2021, thanks in large part to the global recovery from the coronavirus pandemic.
Dubai has been the top Middle Eastern market for private equity transactions in recent years, although Riyadh is getting smaller. In September, Saudi Telecom Co. s web-services unit also surged by the maximum margin allowed on its trading debut after drawing $126 billion in orders for its IPO.
The liquidity in the region is very high, said Nomura s Fadlallah. It is also arguable that Saudi markets are expensive. It s certainly trading at a significant premium to its emerging-market peers. None As Louisianans Flee Hurricanes, Natural Gas Dollars and Jobs Flood In Mississippi Rivers
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