The company, which is half-owned by the Kingdom’s sovereign wealth fund, will issue 85.3 million shares, or 11.67% of the company after the capital increase.
Over 81.2 million shares, or 11.1% of the company, are generally offered.
Approximately 4.14 million shares, or 0.57 percent of the company, will be allocated to specific employees of the company and its subsidiaries as part of its employee IPO grant program.
ACWA Power’s IPO is expected to raise more than $ 1 billion, and the company’s value is about $ 10 billion, two sources told Reuters on condition of anonymity and named because they are not authorized to speak to the media. I asked not to mention.
ACWA Power initially planned an IPO in early 2018, but the plan was postponed due to a problem with the Turkish power plant project, sources familiar with the matter told Reuters at the time.