DUBAI: Saudi Arabia’s ACWA Power has set an indicative price range of its planned offering that could raise SR4.5 billion ($1.2 billion) at the top of the range.
Half-owned by the Kingdom’s Public Investment Fund, the company is selling 81.2 million shares in a range of SR51-SR56 per share or an 11.1 percent stake, it said in a Tadawul filing.
— Arab News (@arabnews) September 14, 2021
The listing will value ACWA at up to $11 billion – making it the biggest offering in Riyadh since Saudi Aramco’s listing.
Its chairman, Mohammed Abunayyan, earlier said investors, including Americans and Europeans, expressed strong interest in investing ACWA Power.
In its prospectus, the Saudi utility company said it aims to “play a major role” in the transition to greener energy by producing renewable electricity, and exploring opportunities in hydrogen.
The firm has 64 projects in 13 countries, representing a value of $248 billion.
“We are producing 2.8 million cubic meters of desalinated water, and 20 gigawatts of energy,” its CEO Paddy Padmanathan told Arab News last week.
He said the company will continue to pump around SR2.8 billion of its own money per year to its existing projects to ensure growth.
“We developed a business model based on diversification, and demonstrated the efficiency we’ve demonstrated, and our ability to deliver new assets,” Padmanathan explained.