RIYADH: 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, according to 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 percent of the 81.2 million shares on offer, said Riyad Capital, Citigroup Saudi Arabia, JP Morgan Saudi Arabi and NATIXIS, the financial advisers, lead managers, bookrunners and underwriters for the IPO.
The retail offering, to which the remaining 10 percent of shares will be allocated, began on Sept. 29 and will run through Oct. 1.
ACWA set the final offer price at SR56 per share after initially providing a range of between SR51 and SR56.
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