ACWA Power begins IPO book building process today

Logo of International Company for Power and Water Projects (ACWA Power)

International Company for Power and Water Projects (ACWA Power) will launch a book-building process today, Sept. 15.

The utility provider set the price range for its initial public offering (IPO) between SAR 51 and SAR 56 per share.

The book building process will run until Sept. 27, the statement added.

ACWA Power will offer 81.2 million shares, representing 11.1% of the company’s share capital.

The final allocation will be made after the end of the subscription period for retail investors.

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.

If retail investors fully subscribe to the offered shares, the lead manager has the right to reduce the offer shares allocated to participating parties to 73.08 million – as a minimum limit - representing 90% of the total number of offer shares.

The minimum number of offer shares that can be subscribed for by participating parties is 100,000, while the maximum limit is 36.54 million shares.

The company’s core activity is power generation, distribution and sale, water desalination plants, as well as the establishment of power and transmission plants.

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