ACWA Power Logo

International Company for Power and Water Projects (ACWA Power) plans to offer 81.2 million shares, representing 11.1% of the company, in an initial public offering (IPO) on the Saudi Exchange (Tadawul).

 

The company will sell 81.2 million shares to raise its capital to SAR 7.311 billion from SAR 6.457 billion.

 

On June 30, ACWA Power received the Capital Market Authority’s (CMA) approval for its request to offer 81.2 million shares in an IPO.

 

The retail offering will run from Sept. 29 to Oct. 1.

 

The book building process for participating parties will last 13 days from Sept. 15.

 

The IPO targets two tranches:

 

Participating parties:

 

The tranche comprises all categories of investors entitled to participate in the book-building process.

 

A total of 81.20 million shares or 100% of the offering size will be allocated to the participating parties, subject to a scale-back to 90% or 73.08 million shares.

 

Retail investors:

 

This tranche comprises Saudi natural persons, and any non-Saudi natural person who is resident in the Kingdom and GCC persons, in each case who has a bank account with one of the receiving agents, and is entitled to open an investment account with them.

 

Up to 10% of the offering size or 8.12 million shares will be allocated to this tranche.

 

Company Profile

Company

International Company for Power and Water Projects (ACWA Power)

Market

Saudi Exchange (Tadawul)

Core Activities

ACWA Power is a private developer, owner and operator of long-term contracted power generation and desalinated water projects worldwide.

Capital before IPO

SAR 6457.6 mln

Capital after IPO

SAR 7311.0 mln

 

IPO Summary

Issue percentage (%)

11.1% of capital

Number of shares offered

81.20 mln shares

Qualified subscribers

- Participating parties that include investment funds, QFIs, legal entities and GCC investors.

 

- Retail investors.

IPO minimum limit for retail

10 shares

IPO minimum size for institutional investors

100,000 shares

IPO maximum size for retail investors

250,000 shares

IPO maximum size for institutional investors

36.54 mln shares

Bidding and book building period for institutional investors

13 days from Sept. 15-27

Retail offering period

3 days from Sept. 29 to Oct. 1

Final allotment

Oct. 4

Surplus refunds

Oct. 5

Use of offering proceeds

Settlement of all offering costs

SAR 160 mln

Fund its contributions to capital for future projects

70% of net proceeds

General corporate purposes

30% of net proceeds
 

 

Special Information

Local coordinator, bookrunner and lead manager

Riyad Capital

Joint global coordinators and bookrunners

Citigroup Saudi Arabia, JP Morgan Saudi Arabia, NATIXIS

Underwriters

Citigroup Saudi Arabia, JP Morgan Saudi Arabi, Riyad Capital, NATIXIS, EFG Hermes Saudi Arabia, Emirates NBD Capital, FAB Capital, Alistithmar Capital, SNB Capital, Albilad Capital and AlJazira Capital

Receiving banks

Riyad Bank, Saudi National Bank, Al Rajhi Bank, Bank AlJazira

 

Company Shareholders

Shareholders

Before IPO

After IPO

Number of shares

(mln shares)

Ownership%

Number of shares

(mln shares)

Ownership%

Public Investment Fund

322.88

50.00%

322.88

44.16%

Vision Investment Company

166.32

25.76%

166.32

22.75%

Al Rajhi Group Holding

81.91

12.69%

81.91

11.20%

Mohammed Abdullah Rashid Abunayyan

26.65

4.13%

26.65

3.65%

Al Mutlaq Group Co.

20.99

3.25%

20.99

2.87%

Abdullah Abunayyan Trading Company

19.53

3.02%

19.53

2.67%

Badad International Co. for Trading and Contracting

2.96

0.46%

2.96

0.40%

AJDA Industrial and Technical Services Co.

2.96

0.46%

2.96

0.40%

Al Toukhi Commercial Group Company Ltd

1.56

0.24%

1.56

0.21%

Public

--

--

81.20

11.1%

Shares owned by employees

--

--

4.14

0.57%*

Total

645.76

100%

731.10

100%

*Employees will own this stake via a fund to be established for such a purpose

 

For More IPOs

Issues Prospectus

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