ACWA Power announces intention to go public on Tadawul

International Company for Power and Water Projects (ACWA Power) plans to offer nearly 81.2 million shares, representing 11.1% of the company, in an initial public offering (IPO) on the Saudi Exchange (Tadawul).

The announcement was made to Tadawul by Riyad Capital, Citigroup Saudi Arabia, J.P. Morgan Saudi Arabia and Natixis Saudi Arabia Investment Co., in their capacity as financial advisors, book-runners, and underwriters of the subscription.

On June 22, the Capital Market Authority (CMA) approved ACWA Power's application to list its shares on Tadawul. The company also obtained, on June 30, the market regulator's approval to offer 81.2 million shares, representing 11.1% of its share capital.

The final offer price will be set after the end of the book building process.

Founded in 2004, Riyadh-based ACWA Power is a private developer, owner and operator of long-term contracted power generation and desalinated water projects worldwide.

The company has 64 projects in operation, or under construction and advanced development in 13 countries across three continents, with a total cost of SAR 248 billion ($66 billion).