ACWA's shares rose to 72.80 Saudi riyals in early trading, compared with the price at its initial public offering of 56 riyals a share.
ACWA, which builds, operates and invests in renewable energy plants, priced its IPO at the top of the range last month, successfully raising $1.2 billion from investors, the biggest since but dwarfed by Saudi Aramco's $29.4 billion IPO. Saudi Arabia's stock market has risen by more than 33% this year, helped by higher oil prices and an economic recovery from last year's COVID-19 linked contraction.
A slew of listings are expected to come to Riyadh's bourse over the next 12 months, including the stock exchange Tadawul itself, and the specialty chemicals business of Saudi Basic Industries Corp.Saudi Arabia's Capital Markets Authority said in September that around 45 companies were waiting for approval to list.More from ReutersSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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