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ACWA Power IPO, biggest since Aramco, set for Riyadh trading debut

Published: Updated:

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.

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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.

Read more: Saudi Arabia’s ACWA Power plans $10 bln of investments in 2020: CEO