ACWA Power allocates 6 shares per individual investor in IPO

Logo of ACWA Power

International Company for Power and Water Projects (ACWA Power) allocated a minimum of six shares per  individual subscriber in its initial public offering (IPO), according to Riyad Capital, lead manager for the offering. 

The remaining shares will be allocated on a pro rata basis at around 0.02197% on average, based on the size of each subscriber’s request compared to the total remaining subscribed shares. 

A total of 1.35 million retail investors placed orders on SAR 9.05 billion worth of shares. The retail offering was 1,989.96% oversubscribed.

The utility offered 81.2 million shares (11.1% of capital), of which 90% and 10% were allocated for institutional and retail investors, respectively. 

Retail investors started, on Sept. 29, subscribing to 8.12 million shares at SAR 56 per share. The retail offering closed on Oct. 1. 

Excess subscription amounts will be refunded by Oct. 5.

The utility provider’s institutional offering was 248 times oversubscribed, drawing orders of nearly SAR 1.127 trillion.

For More IPOs