ACWA Power IPO oversubscribed 248 times; attract $300 billion

Web DeskWeb Editor

02nd Oct, 2021. 01:28 pm

RIYADH: The Saudi utility developer ACWA Power completed the institutional book-building process for its initial public offering, receiving bids worth 248 times what it is issuing, Arab News quoted a filing on the Tadawul Stock Exchange.

The company drew orders of SR1.127 trillion ($300.4 billion) from institutional investors, to which it is allocating 90 per cent of the 81.2 million shares on offer, Riyad Capital, Citigroup Saudi Arabia, JP Morgan Saudi Arabia and NATIXIS, the financial advisers, lead managers, book-runners and underwriters for the IPO said.

The retail offering, to which the remaining 10 per cent of shares will be allocated, began on September 29 and ran through October 1.

ACWA set the final offer price at SR56/share after initially providing a range of between SR51 and SR56.

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