ACWA Power International, Saudi Arabia’s first $1 billion initial public offering since Aramco, is set to start trading in Riyadh on Monday.
The $1.2 billion IPO drew interest from investors looking for exposure to a business seen as key to the Kingdom’s plans to diversify its economy away from oil.
Initial demand amounted to several billion dollars and advisers had to limit institutional investors’ allocations.
Riyadh-based ACWA, half-owned by the Kingdom’s sovereign wealth fund PIF, is selling an 11.1 percent stake at 56 riyals ($14.93) apiece, the top end of the offer range.
The company will be valued at $10.9 billion and the PIF will continue to own a 44 percent stake after the IPO.
- Saudi Arabia’s utility developer ACWA Power plans IPO on Riyadh bourse
- Saudi Arabia’s Red Sea signs deal with ACWA Power to build renewable utilities
- Saudi Arabia's Neom and ACWA Power sign $5 billion agreement with Air Products
- Saudi Arabia’s ACWA Power plans $10 bln of investments in 2020: CEO
- ACWA Power, Iraq Energy Institute ink MoU for energy market research