Biggest #Saudi IPO Since Aramco Sees ACWA Plan $1.2 Billion Offer - Bloomberg

Biggest Saudi IPO Since Aramco Sees ACWA Plan $1.2 Billion Offer - Bloomberg

ACWA Power International, one of Saudi Arabia’s main vehicles for building renewable energy projects, is set to raise up to 4.55 billion riyals ($1.2 billion) in what would be the biggest offering in Riyadh since Saudi Aramco’s listing.

The Riyadh-based utility, half-owned by the kingdom’s sovereign wealth fund, has set the price range for its offering between 51 riyals and 56 riyals per share, according to a statement on Tuesday. The company is selling 81.2 million shares, or an 11.1% stake, to raise financing for its transformation into a low-carbon energy producer.

The listing will value ACWA at up to $11 billion.

• Bidding and book-building period for participating parties: Sept. 15 to Sept. 27
• A final price is expected to be set before the offering opens to retail investors
• Subscription period for individual investors: Sept. 29 to Oct. 1
• Joint financial advisers are: JPMorgan, Citigroup, Riyad Capital and Natixis

The Saudi government sold 2% of Aramco in its 2019 IPO, raising almost $30 billion. It’s still the largest first-time share sale on record.