ACWA Power drafts shopping list as colossal IPO draws near

摘要

Saudi water and power project developer ACWA Power has identified nearly $20 billion in upcoming water investment opportunities that it hopes to tap into, as it looks to woo investors in what is shaping up to be one of the biggest IPOs in local history. Shortly before GWI went to press, ACWA - which is 50% owned by the Saudi state through the sovereign wealth fund PIF - set an indicative price and started the process of bookbuilding for an IPO that could raise up to SAR4.5 billion ($1.2 billion) through the sale of 11.1% of the company's expanded share capital. The success of the process, due to be completed next month, would value the company at more than $10 billion.