Biggest Saudi IPO Since Aramco Set for Riyadh Trading Debut
(Bloomberg) --
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.
READ: Biggest Saudi IPO Since Aramco Has Investors Jostling for More
Riyadh-based ACWA, half-owned by the kingdom’s sovereign wealth fund PIF, is selling an 11.1% 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% stake after the IPO.
More stories like this are available on bloomberg.com
©2021 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More utilities news
BMW, Mercedes Add New Executives as Carmakers Tackle Crisis
Thames Water CEO Steers Away From Break Up After Covalis Bid
Germany Expecting Tight Power Conditions as Wind Output Falls
Nuclear Power Not Cost-Effective in Australia, Science Body Says
Vancouver Mayor Proposes Using Bitcoin in City Finances
Thames Water Gets £5 Billion Takeover Bid From Covalis
Lithium Powerhouse Chile Eyes New Lithium Extraction Methods
Aramco, Linde and SLB to build one of the largest CCS hubs globally
UK Nuclear Plants to Stay Online Longer in Clean-Power Boost
