Saudi Arabia's ACWA Power announces price range for its $1bln IPO

Utility to issue 81.199mln shares, or 11.1% of capital

  
SHUAIBAH IWPP, SAUDI ARABIA. Images courtesy ACWA Power.

SHUAIBAH IWPP, SAUDI ARABIA. Images courtesy ACWA Power.

Saudi Arabian utility developer ACWA Power has set the price range for its initial public offering (IPO) at 51-56 riyals ($13.60 to $14.93) per share and will commence the book-building process from September 15.

The final price per share will be determined after the completion of the book-building process on September 27, Riyad Capital, a financial advisor and book-runner for the IPO said in a statement to the Saudi stock exchange, Tadawul, on Tuesday. 

Earlier this month the company, which is half-owned by the kingdom's sovereign wealth fund Public Investment Fund, had announced plans to float on the Riyadh bourse following an IPO.

Riyad Capital's statement on Tuesday said the company would issue 81.199 million shares, representing 11.1 percent of the company following the capital increase.

The minimum number of shares to be applied for by participating entities is 100,000 shares, while the maximum 36.54 million shares.

The final allocation of the shares will be made after the end of the subscription period for individual investors.

Citigroup Saudi Arabia, J.P. Morgan Saudi Arabia Company and Natixis Saudi Arabia Investment Company are the other financial advisors, book-runners, and underwriters on the potential offering.

(Reporting by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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