Riyad Capital, Citigroup Saudi Arabia, JPMorgan Saudi Arabia and Natixis Investment Saudi Arabia as the financial advisors, institutional bookrunners and underwriters for the potential initial public offering of the International Water and Energy Works Company – ACWA Power have announced the determination of the price range for the offering and the start of a construction period. Record orders for the institutions segment. The company said in a statement on “Tadawul”, today, Tuesday, that the price range has been set between 51 to 56 Saudi riyals per share. The offering process consists of offering 81,199,299 new ordinary shares, representing 11.1% of the company’s shares, after the capital increase.
The minimum number of offering shares that can be subscribed to for the participating classes is 100,000 shares, while the maximum is 36,544,986 shares. Participation in order book building is limited to categories qualified to participate in the order book building process in accordance with the instructions for book building and allocating shares in initial subscriptions issued by the Board of the Capital Market Authority.
The price of the offering for public subscription will be determined after the completion of the process of building the order book, to be followed by the process of subscribing to the individual segment. The number of offering shares that will be initially allocated to the participating categories is 81,199,299 offered shares, representing 100% of the total offering shares, provided that the final allotment is after the end of the period Individual subscription.
In the event that individual subscribers subscribe to all of the offering shares allocated to them, the subscription registry managers have the right to reduce the number of shares allocated to the participating classes to 73,079,370 offering shares – as a minimum – representing 90% of the total offering shares.
The process of building the order book for the institutional segment begins on Wednesday, September 15, 2021, and ends on Monday, September 27, 2021.