Saudi Regulator Gives Green Light For ACWA Power IPO

Saudi Arabia’s Capital Market Authority said on Wednesday it has approved an initial public offering of an 11.1 stake in ACWA Power, a listing that has been expected for years.

ACWA Power, which delayed IPO plans in 2018, leads a consortium that will build and operate renewable power – based utilities at Saudi Arabia’s flagship Red Sea Tourism project.

‘The company’s prospectus will be published within sufficient time prior to the start the subscription period’, CMA said, adding its approval for ACWA’s offering of 81,199,299 shares was valid for six months.

The Public Investment Fund, Saudi Arabia’s sovereigh wealth fund, said in November it increased its stake in ACWA Power to 50% from 33% as part of a move to support the renewable energy sector in Saudi Arabia.


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