Riyadh – Mubasher: ACWA Power is expected to raise up to SAR 4.55 billion ($1.2 billion) through its initial public offering (IPO), with the listing value reaching $11 billion, Bloomberg reported.
The IPO would be the biggest offering in Riyadh since Saudi Aramco’s listing. ACWA Power aims to raise financing through the IPO for its transformation into a low-carbon energy producer.
The subscription period for individual investors will start on 29 September and end on 1 October.
The company will likely double the amount of power it generates over the coming five years, mostly from renewable sources, amid a global shift away from burning fossil fuels, according to ACWA Power’s CEO, Paddy Padmanathan.
The price range for the IPO has been set at SAR 51 to SAR 56 per share, based on a statement on the Saudi Exchange (Tadawul) on Tuesday.