ACWA Power allocates six shares per individual subscriber

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RIYADH: ACWA Power has allocated a minimum of six shares per individual subscriber in its initial public offering, Argaam reported citing Riyad Capital, lead manager for the offering.

According to the report, the remaining shares will be allocated on a pro rata basis at around 0.02197 percent on average.

The Saudi utility developer completed the institutional book-building process for its IPO, receiving bids worth 248 times what it is issuing.

The company drew orders of SR1.127 trillion ($300.4 billion) from institutional investors, to which it is allocating 90 percent of the 81.2 million shares on offer.

A total of 1.35 million retail investors placed orders on SR9.05 billion worth of shares. The retail offering was 1,989.96 percent oversubscribed.

Retail investors started, on Sept. 29, subscribing to 8.12 million shares at SR56 per share.

Meanwhile, ACWA Power confirmed it will be showcasing its renewable energy portfolio at the 23rd Water, Energy, Technology and Environment exhibition as a Jubilee Sponsor.

This year’s edition will take place from October 5 to 7 at the Dubai Exhibition Centre at Expo 2020 Dubai - the first international Expo in the Middle East, Africa and South Asia.

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