DUBAI: Saudi utility developer ACWA Power has set the final price of its initial public offering at SAR56 ($14.9) per share, the company said in a bourse filing.
Half-owned by the Public Investment Fund, Saudi Arabia’s largest sovereign wealth fund, the company earlier announced its intention to issue 85.3 million shares or 11.67 percent of the company in an IPO.
The company expects to raise more than $1 billion from the public offering, valuing the company at about $10 billion.
Retail offering started on Wednesday and will run until Oct. 1. Around 8.12 million shares or 10 percent of the offering size were allocated for individual investors.
Media reports said ACWA is considering issuing green bonds in 2022 and beyond to raise funds for some renewable energy projects requiring investments of roughly $10 billion.
A company official had reportedly said that ACWA already has five projects certified for green finance but they need to become operational to show revenues needed for the bond issue.
ACWA Power final IPO price nearly $15 per share, targets raising $1bn
- Retail offering started on Wednesday and will run until Oct. 1
- ACWA is considering issuing green bonds in 2022 and beyond to raise funds for some renewable energy projects.
Today's Headlines
By signing up you agree to our Terms of Use and Privacy Policy
The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.
The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…
The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…
Majority of tenders issued are part of Bahrain’s $32 billion infrastructure development plans Oil and gas $767m, aviation $382m, construction and engineering $194m, materials and equipment $119m Bahrain…
PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size