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ACWA Power International, Saudi Arabia’s first $1 billion initial public offering since Aramco, is set to start trading in Riyadh on Monday.
The $1.2 billion IPO drew interest from investors looking for exposure to a business seen as key to the kingdom’s plans to diversify its economy away from oil. Initial demand amounted to several billion dollars and advisers had to limit institutional investors’ allocations.
READ: Biggest Saudi IPO Since Aramco Has Investors Jostling for More
Riyadh-based ACWA, half-owned by the kingdom’s sovereign wealth fund PIF, is selling an 11.1% stake at 56 riyals ($14.93) apiece, the top end of the offer range. The company will be valued at $10.9 billion and the PIF will continue to own a 44% stake after the IPO.
