Debut demand: Saudi power firm prices IPO at top of range
Al Jazeera
Demand for stock offerings in Saudi Arabia has never been higher.
ACWA Power International, one of Saudi Arabia’s main vehicles for building renewable energy projects, set the offer price for its initial public offering at the top of a range as investors flock to share sales in the kingdom.
The power producer, which will be 44% owned by Saudi Arabia’s sovereign wealth fund after the IPO, said it’ll sell shares at 56 riyals ($14.93) apiece after institutional part of the offering ended. It will raise $1.2 billion for ACWA and value the company at $10.9 billion.
Demand for stock offerings in Saudi Arabia has never been higher. Arabian Internet and Communications Services Co., also known as solutions by stc, attracted over 471 billion riyals in orders for its IPO earlier this month. Plenty more are in the pipeline, including the stock exchange itself and the specialty chemicals business of Saudi Basic Industries Corp.
