Listing of Saudi Arabia’s biggest IPO after Aramco on Monday

IPO: Renewable energy company ACWA Power International will be listed on the stock exchange of Riyadh on Monday. This is Saudi Arabia’s first public offering of over $1 billion since Aramco. Saudi Arabia’s royal family owns half the stake in ACWA. Its sovereign wealth fund PIF is selling an 11.1 percent stake in the company for 56 riyals ($14.93) per share.

After the IPO, the company will be valued at $10.9 billion and PIF will hold 44 percent of it.

Investors took a lot of interest in this IPO. Saudi Arabia’s royal family wants to diversify the economy from oil.

Riyadh has been a popular market for public offers in the Middle East over the years. However, the number of companies listing in Abu Dhabi is also increasing.

Aramco’s IPO came two years ago and through this, investors got an opportunity to take some stake in Saudi Arabia’s oil business. About $ 30 billion was raised through this.

About 70 percent of Saudi Arabia’s renewable projects are projected to be ACWA by 2030. Experts say that the value of the company may triple in the next 7-10 years.

There is a long line of companies making public offers on the Riyadh Stock Exchange. These include the public offering of the stock exchange.