Riyadh – Mubasher: International Company for Power and Water Projects (ACWA Power) plans to proceed with an initial public offering (IPO) and list its shares on the Main Market of the Saudi Exchange (Tadawul), according to a statement on Thursday.

The Capital Market Authority (CMA) gave its approval on 30 June 2021 for ACWA Power to issue 81.19 million new ordinary shares, representing 11.1% of the capital, in an IPO.

The final price will be determined at the end of the book-building period.

Chairman of ACWA Power, Mohammad Abunayyan, said: “We believe the IPO will give new investors a unique opportunity to participate in the exciting opportunities that lie ahead.”

The company reportedly intends to raise more than $1 billion through the IPO.