Riyadh – Mubasher: Saudi company ACWA Power on Monday announced that it chose JP Morgan and Citigroup to manage its initial public offering (IPO), which may reach $1 billion, according to Reuters.

French investment bank Natixis and Saudi firm Riyad Capital are among the other selected banks that will help manage and run the IPO.

ACWA Power is looking to sell 30% of its stake on the Saudi Stock Exchange (Tadawul), sources told the news agency.

The IPO is expected to be completed by the end of 2018, they added.

Meanwhile, Bloomberg reported that ACWA Power was close to acquiring an additional 10% stake in ACWA Power International ahead of its IPO.