ACWA Power International slumped as much as 10% on its second day as a listed company, giving up some gains from a debut that saw the stock surge by the daily limit.
Shares in the utility closed down 8.4% at 66.7 riyals ($17.78) on Tuesday. All six companies that have listed in the kingdom this year have surged on opening day, but ACWA is the first that hasn’t been able to carry the momentum into a second session.
Still, the company is seen as key to Saudi Arabia’s efforts to diversify from oil and analysts expect it to continue to grow. ACWA’s IPO attracted more than $300 billion in orders and it raised more than $1.2 billion in the biggest Saudi Arabian listing since Aramco’s two years ago.
Shares in the utility closed down 8.4% at 66.7 riyals ($17.78) on Tuesday. All six companies that have listed in the kingdom this year have surged on opening day, but ACWA is the first that hasn’t been able to carry the momentum into a second session.
Still, the company is seen as key to Saudi Arabia’s efforts to diversify from oil and analysts expect it to continue to grow. ACWA’s IPO attracted more than $300 billion in orders and it raised more than $1.2 billion in the biggest Saudi Arabian listing since Aramco’s two years ago.
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