ACWA Power sets IPO price range between SAR 51-56 per share

The offer price was announced in a statement issued by Riyad Capital, Citigroup Saudi Arabia, J.P. Morgan Saudi Arabia Co. and Natixis Saudi Arabia Investment Co. in their capacity as financial advisors, bookrunners, and underwriters on the potential IPO.

In the event that individual investors subscribe to all the allocated offer shares, the bookrunners will have the right to reduce the number of shares allocated to participating parties to a minimum of 73.08 million, representing 90% of the total offer shares.

The bidding and book-building period for participating entities starts tomorrow, Sept. 15, and ends on Sept. 27.

On Sept. 2, ACWA Power announced issuing the prospectus for offering 81.2 million shares, representing 11.1% of the company, in an IPO on the Saudi Exchange (Tadawul), raising its capital to SAR 7.311 billion from SAR 6.457 billion, Argaam reported.