RIYADH: ACWA Power International, one of Saudi Arabia’s main vehicles for building renewable energy projects, is set to raise up to 4.55 billion riyals (US$1.2bil or RM4.99bil) in what would be the biggest initial public offering (IPO) in Riyadh since Saudi Aramco’s listing.
The Riyadh-based utility, half-owned by the kingdom’s sovereign wealth fund, has set the price range for its offering between 51 riyals and 56 riyals (RM56.62 and RM62.17) per share, according to a statement yesterday.
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