Saudi private sector firm Acwa Power has set the price for its much-anticipated IPO at SR56 ($14.93) per share amid strong interest. The pricing, announced on 28 September, values Acwa at $20.92bn and will raise $1.27bn for the firm. The individual investors subscription period was open 29 September to 1 October.

For the offering, Acwa will issue 85,336,851 new ordinary shares, which will represent 11.67% of the company’s share capital following the capital increase. Acwa’s largest shareholder is Saudi Arabia’s PIF sovereign wealth fund with 50%, and following the offering MEES calculates that its holdings will fall to 44%. (CONTINUED - 161 WORDS)