Biggest Saudi IPO since Aramco sees ACWA planning $1.2bn offer ...Qatar

ACWA Power International, one of Saudi Arabia’s main vehicles for building renewable energy projects, is set to raise up to 4.55bn riyals ($1.2bn) in what would be the biggest offering 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 per share, according to a statement on Tuesday. The company is selling 81.2mn shares, or an 11.1% stake, to raise financing for its transformation into a low carbon energy producer. The listing will value ACWA at up to $11bn. * Bidding and book-building period for participating parties: September 15 to September 27 * A fin

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