International Finance

ACWA Power appoints global coordinators for IPO plan

ACWA Power, IPO, Initial Public Offerings, power generation capacity, Riyadh Capital, JPMorgan Chase & Co, Citigroup, Middle East, Africa, Southeast Asia
According to company sources, JPMorgan Chase & Co, Citigroup, Natixis and Riyadh Capital are considered for its IPO plan worth of US$1bn

Headquartered in the Kingdom of Saudi Arabia, ACWA Power International has chosen JPMorgan Chase & Co and Citigroup as global coordinators to plan an Initial Public Offering (IPO) for its shares, which could raise up to US$1bn, sources told Reuters.

The French investment corporate bank Natixis and Saudi Arabia’s investment banking Riyadh Capital are also selected to facilitate IPO for the energy company.

ACWA Power has built a wide portfolio as developer, investor, co-owner and operator of power generation and water projects in the Middle East, Africa and Southeast Asia, according to Energy World. The company is hoping to sell 30% stake to investors.

Public Investment Fund of Saudi Arabia is close to deciding an agreement with ACWA Power to buy 10% stake in the company. It is said the IPO could be one of the first major listings to encourage foreign investor participation in the country.

Based on reports, ACWA Power’s generation capacity holds over 22 GW of power, with more than US$30bn investments.

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