Arab Press

بالشعب و للشعب
Friday, Jun 20, 2025

Biggest Saudi IPO since Aramco sees ACWA planning $1.2bn offer

Biggest Saudi IPO since Aramco sees ACWA planning $1.2bn offer

ACWA Power International, one of Saudi Arabia’s main vehicles for building renewable energy projects, is set to raise up to 4.55bn riyals ($1.2bn) 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 81.2mn shares, or an 11.1% stake, to raise financing for its transformation into a low carbon energy producer.

The listing will value ACWA at up to $11bn.

* Bidding and book-building period for participating parties: September 15 to September 27

* A final price is expected to be set before the offering opens to retail investors

* Subscription period for individual investors: September 29 to October 1

* Joint financial advisers are: JPMorgan, Citigroup, Riyadh Capital and Natixis

The Saudi government sold 2% of Aramco in its 2019 IPO, raising almost $30bn. It’s still the largest first-time share sale on record.

ACWA Power “aims to play a major role” in the transition to greener energy by producing renewable electricity and hydrogen, it said in a prospectus for investors. It will also focus on desalination in the Middle East, Asia and Africa.

Since the Saudi wealth fund boosted its stake in ACWA to 50% in November, the government has agreed with the company that it will help develop 70% of renewable energy projects under Crown Prince Mohamed bin Salman’s Vision 2030 plan to diversify the economy from oil.

The offering comes as Aramco and other national oil firms in the Middle East step up plans to raise billions of dollars from foreign investors, including through asset sales and IPOs.

Riyadh has been the hottest market for share offerings in the Middle East over the past two years, with new sales oversubscribed mostly thanks to local retail and institutional investors. Tanmiah Food Co became the third company to list on the main market this year, following Theeb Rent A Car Co and AlKhorayef Water & Power Technologies Co. Last week, ACWA chief executive officer Paddy Padmanathan said in interview with Bloomberg TV that meetings with potential investors ahead of the IPO had gone “very well.”

Over the next five years, the company will double the amount of power it generates, mostly from renewable sources, amid a global shift away from burning fossil fuels, he said.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
×