Biggest Saudi IPO Since Aramco Sees ACWA Plan $1.2 Billion Offer

ACWA Power International, one of Saudi Arabia’s main vehicles for building renewable energy projects, is set to raise up to 4.55 billion riyals ($1.2 billion) in what would be the biggest offering in Riyadh since Saudi Aramco’s listing.

The Riyadh-based utility, half-owned by the kingdom’s sovereign wealth fund, has set the price range for its offering between 51 riyals and 56 riyals per share, according to a statement on Tuesday. The company is selling 81.2 million shares, or an 11.1% stake, to raise financing for its transformation into a low-carbon energy producer.