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Saudi Utility Marafiq Hires HSBC, Riyad Capital for $1.2 Billion IPO

  • Power company is seeking to raise as much as $1.2 billion
  • IPO plans come as the kingdom offloads stakes in state assets

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Saudi Arabia’s Power and Water Utility Co. for Jubail and Yanbu hired HSBC Holdings Plc and Riyad Capital to manage its initial public offering, according to people familiar with the matter, as the kingdom’s ambitious privatization program gathers pace.