ACWA Power’s institutional offering 248x oversubscribed, over SAR 1 trln raised

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International Company for Power and Water Projects (ACWA Power) completed the book-building process, according to Riyad Capital, Citigroup Saudi Arabia, JP Morgan Saudi Arabia, NATIXIS, the financial advisors, lead managers, bookrunners and underwriters for the initial public offering (IPO).

The utility provider’s institutional offering was 248 times oversubscribed, drawing orders of nearly SAR 1.127 trillion, ACWA Power said in a bourse filing.

The company floated 81.2 million shares, or 100%, of which 90% were allocated for institutional investors and 10% for individuals.

The retail offering began on Wednesday, Sept. 29, and will run through Oct. 1.

The utility provider set the final offer price at SAR 56 per share.

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