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PIF-Backed ACWA Power to Seek Over $1 Billion in Saudi IPO

  • Announcement about a listing may come as soon as this week
  • Riyadh deal could value the company at $10 billion or more
Saudi Aramco Ahead of World's Biggest IPO
Photographer: Tasneem Alsultan/Bloomberg
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Saudi Arabia’s ACWA Power International is close to announcing an initial public offering to raise more than $1 billion, according to people familiar with the matter.

A Riyadh listing may value the utility at $10 billion or more, said the people, who asked not to be named. An announcement may be made as soon as this week, they said.