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ACWA Power, which is 50% owned by the Public Investment Fund (PIF), is likely to announce its initial public offering (IPO) this week, Bloomberg reported, citing sources.
The IPO might value the company at nearly $10 billion or more (nearly SAR 37.5 billion and more), the sources added.
The Saudi government plans to make ACWA Power the main vehicle for the Kingdom's major solar and green-hydrogen projects.
On June 30, the Capital Market Authority (CMA) approved ACWA Power's application to offer 81.2 million shares, representing 11.1% of the company's share capital, Argaam earlier reported.
The value of offering 11.1% of the company's capital might reach more than SAR 4.1 billion, the sources said.
The CMA’s approval on the application will be valid for six months from the resolution date.
The approval will be deemed cancelled if the offering and listing of the company's shares are not completed within this period.
ACWA Power is a developer, investor, and operator of a group of power generation and water desalination plants, and its portfolio currently includes 64 plants that are in operation, construction or in advanced stages of development.
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