DUBAI: Saudi utility developer ACWA Power has set the final price of its initial public offering at SR56 ($14.9) per share, the company said in a bourse filing.

Half-owned by the Public Investment Fund, the company earlier announced its intention to issue 85.3 millions shares or 11.67 percent of the company in an IPO.

Retail offering started on Wednesday, and will run until Oct. 1. Around 8.12 million shares or 10 percent of the offering size were allocated for individual investors.

The company is expecting to raise more than $1 billion from the public offering, valuing the company at about $10 billion.

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