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.
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Company Profile |
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Company |
International Company for Power and Water Projects (ACWA Power) |
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Market |
Saudi Exchange (Tadawul) |
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Core Activities |
ACWA Power is a private developer, owner and operator of long-term contracted power generation and desalinated water projects worldwide. |
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Capital before IPO |
SAR 6457.6 mln |
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Capital after IPO |
SAR 7311.0 mln |
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IPO Summary |
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Issue percentage (%) |
11.1% of capital |
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Number of shares offered |
81.20 mln shares |
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Qualified subscribers |
- Participating parties that include investment funds, QFIs, legal entities and GCC investors.
- Retail investors. |
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IPO minimum limit for retail |
10 shares |
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IPO minimum size for institutional investors |
100,000 shares |
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IPO maximum size for retail investors |
250,000 shares |
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IPO maximum size for institutional investors |
36.54 mln shares |
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Bidding and book building period for institutional investors |
13 days from Sept. 15-27 |
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Retail offering period |
3 days from Sept. 29 to Oct. 1 |
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Final allotment |
Oct. 4 |
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Surplus refunds |
Oct. 5 |
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Use of offering proceeds |
Settlement of all offering costs |
SAR 160 mln |
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Fund its contributions to capital for future projects |
70% of net proceeds |
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General corporate purposes |
30% of net proceeds |
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Special Information |
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Local coordinator, bookrunner and lead manager |
Riyad Capital |
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Joint global coordinators and bookrunners |
Citigroup Saudi Arabia, JP Morgan Saudi Arabia, NATIXIS |
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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 |
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Receiving banks |
Riyad Bank, Saudi National Bank, Al Rajhi Bank, Bank AlJazira |
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Company Shareholders |
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Shareholders |
Before IPO |
After IPO |
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Number of shares (mln shares) |
Ownership% |
Number of shares (mln shares) |
Ownership% |
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Public Investment Fund |
322.88 |
50.00% |
322.88 |
44.16% |
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Vision Investment Company |
166.32 |
25.76% |
166.32 |
22.75% |
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Al Rajhi Group Holding |
81.91 |
12.69% |
81.91 |
11.20% |
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Mohammed Abdullah Rashid Abunayyan |
26.65 |
4.13% |
26.65 |
3.65% |
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Al Mutlaq Group Co. |
20.99 |
3.25% |
20.99 |
2.87% |
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Abdullah Abunayyan Trading Company |
19.53 |
3.02% |
19.53 |
2.67% |
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Badad International Co. for Trading and Contracting |
2.96 |
0.46% |
2.96 |
0.40% |
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AJDA Industrial and Technical Services Co. |
2.96 |
0.46% |
2.96 |
0.40% |
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Al Toukhi Commercial Group Company Ltd |
1.56 |
0.24% |
1.56 |
0.21% |
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Public |
-- |
-- |
81.20 |
11.1% |
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Shares owned by employees |
-- |
-- |
4.14 |
0.57%* |
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Total |
645.76 |
100% |
731.10 |
100% |
*Employees will own this stake via a fund to be established for such a purpose
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