Riyadh-based ACWA Power has selected US-based JPMorgan and Citigroup to arrange its initial public offering (IPO), which could raise up to $1 billion, Reuters reported on Monday, citing sources.
The lenders have been selected as global coordinators, one source said, adding that another international bank will be hired soon.
ACWA is planning to sell a 30 percent stake to investors and list on Tadawul by year-end, the report added.
Last month, company chief executive Paddy Padmanathan said ACWA Power plans to submit tenders for projects worth $4.5 billion in Saudi Arabia, $2.5 billion in Morocco, and $3.5 billion in the United Arab Emirates.
Reuters had earlier reported that NCB Capital was among those picked for the IPO, but the Saudi-based investment firm later denied that in a statement to Argaam.
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