Riyadh – Mubasher: International Company for Power and Water Projects (ACWA Power) has completed the book-building process for the participating parties tranche of the initial public offering (IPO).

The institutional offering has been 248 times oversubscribed after receiving orders worth about SAR 1.127 trillion, according to a statement to the Saudi Exchange (Tadawul) late on Thursday. 

Riyad Capital, Citigroup Saudi Arabia, JP Morgan Saudi Arabi, and NATIXIS Saudi Arabia Investment Company are acting as financial advisors, bookrunners, and underwriters for the offering. 

The subscription period for individual investors tranche began on Wednesday, 29 September, and ended on Friday, 1 October. Up to 8.12 million shares, representing 10% of the total offer shares, are allocated to individual investors.

Earlier, Acwa Power has set the final offer price at SAR 56 per share. The IPO includes 81.19 million shares that represent 11.1% of ACWA Power’s capital after the raise.