(MENAFN- Trend News Agency )
ACWA Power International, Saudi Arabia's first $1 billion initial public offering since Aramco, is set to start trading in Riyadh today, Trend reports citing Alarabiya .
The $1.2 billion IPO drew interest from investors looking for exposure to a business seen as key to the Kingdom's plans to diversify its economy away from oil.
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Initial demand amounted to several billion dollars and advisers had to limit institutional investors' allocations.
Riyadh-based ACWA, half-owned by the Kingdom's sovereign wealth fund PIF, is selling an 11.1 percent stake at 56 riyals ($14.93) apiece, the top end of the offer range.
The company will be valued at $10.9 billion and the PIF will continue to own a 44 percent stake after the IPO.
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