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Saudi Energy Firm Said to Hire Firms for $1bn IPO Plan


March 5, 2018

(Bloomberg)

Sources say ACWA Power International has hired JPMorgan Chase & Co, Citigroup Inc and Natixis as global coordinators.

Saudi Arabian energy producer ACWA Power International has hired JPMorgan Chase & Co, Citigroup Inc and Natixis as global coordinators for an initial public offering that could raise more than $1 billion, according to people familiar with the matter.

The Riyadh-based power plant developer also selected Riyad Capital as a local coordinator for sale on the kingdom’s local bourse that could happen as soon as the second half, the people said, asking not to be identified because the information is private.

Other advisers on the sale include Middle Eastern boutique investment firm Fifth Dimension Partners, the people said.

ACWA Power has shareholders including the kingdom’s Sanabil International Investments Co and the country’s pension agency. Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, is nearing an agreement to buy about a 10 percent stake in ACWA Power ahead of its share sale, people familiar with the matter said last month.

The IPO could be one of the first major listings in the country that allows qualified foreign investors to participate.

ACWA Power, Citigroup and Fifth Dimension declined to comment. JPMorgan, Riyad Capital and Natixis didn’t immediately comment.



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