fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Markets Energy

ACWA Power IPO raises USD 1.2 billion, shares surge by 30%

The ACWA Power IPO arrives amidst an increase in Saudi stocks when the main exchange in Riyadh surged to 33%

Sakshi K S by Sakshi K S
October 12, 2021
in Energy, Funds, The Global Economics, Top Stories
Reading Time: 2 mins read
0
ACWA Power IPO raises USD 1.2 billion, shares surge by 30%

ACWA Power IPO raises USD 1.2 billion, shares surge by 30%

622
SHARES
3.5k
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

ACWA Power International increased its Initial Public Offering in Riyadh after accumulating over USD 1.2 billion in the most voluminous Saudi Arabian listing since Aramco.

ACWA Power International’s illustrious debut in Riyadh

The stock price surged by the 30% everyday limit to SAR 2.80 (USD 0.75) on 11th October as investors congregated to a business that was viewed as essential to Saudi’s exertions to diversify from oil. ACWA Power is a chief player that facilitates a transition to greener energy by fabricating renewable electricity and hydrogen. The shares offered by ACWA Power were valued at SAR 56 (USD 14.93) each.

The offering illustrated over USD 300 billion in orders. This meant that the provisions made to investors were intensely limited. ACWA Power is now worth USD 14.2 billion. It is one of the largest listed firms in Riyadh.

Head of Nomura Asset Management’s Middle East wing, Tarek Fadlallah, stated in an interview with Bloomberg Television that the success story of ACWA Power is one that restructured the power industry in Saudi Arabia. He stated that the firm held stocks that were not so modest in their value.

The Saudi Arabian government has stated that ACWA Power will support and aid in developing 70% of the renewable energy projects in Saudi Arabia. ACWA Power is part of a conglomerate that develops a USD 5 million plant that will export green hydrogen from NEOM. The fuel is dubbed to be procured from wind and solar power.

The IPO arrives amidst an increase in Saudi stocks when the main exchange in Riyadh surged to 33%. The Kingdom of Saudi Arabia’s economy and markets have seen a jump up owing to a boost in oil prices that have surged over 60% this year. This boost in oil prices facilitates the global economic recuperation from the COVID19 pandemic.

Saudi Telecom Company’s internet services wing also increased by the maximum limit permitted on its trading debut after retrieving USD 126 billion in orders for its Initial Public Offering in September 2021.

Via: Short URL
Tags: acwa powerInitial Public OfferingNEOMpublic listingrenewable energy sectorsaudi arabia
Sakshi K S

Sakshi K S

Sakshi is a professional content writer engaging readers with gripping business news stories.

Related Posts

Meta shares increase the most since 2013 and earns $40 billion in share buybacks
Finance

Meta shares increase the most since 2013 and earns $40 billion in share buybacks

by Riya Thomas
February 3, 2023
Subway
The Global Economics

Sandwich Chain, Subway’s Business Becomes Tastier As Sales Climb

by Marifur Rahman
February 3, 2023
Saudi Arabia and Oman Sign 13 Investment Agreements of Value exceeding SAR 1bn
Energy

Saudi Arabia and Oman Sign 13 Investment Agreements of Value exceeding SAR 1bn

by Anuj Singh
February 3, 2023
Bank of England plans for its 10th successive interest-rate hike, stiffens for shallow recession
Funds

Bank of England plans for its 10th successive interest-rate hike, stiffens for shallow recession

by Riya Thomas
February 2, 2023
A Western Oil Milestone: Exxon Sets Historic High with Record $56 Billion Profit
Ultility

A Western Oil Milestone: Exxon Sets Historic High with Record $56 Billion Profit

by Riya Thomas
February 1, 2023
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

Meta shares increase the most since 2013 and earns $40 billion in share buybacks

Meta shares increase the most since 2013 and earns $40 billion in share buybacks

February 3, 2023
Subway

Sandwich Chain, Subway’s Business Becomes Tastier As Sales Climb

February 3, 2023
Saudi Arabia and Oman Sign 13 Investment Agreements of Value exceeding SAR 1bn

Saudi Arabia and Oman Sign 13 Investment Agreements of Value exceeding SAR 1bn

February 3, 2023
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Receive the latest news

Subscribe To Our Weekly Newsletter

Get notified about new articles, delivered right into your email inbox.

-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version