The individual subscription phase of the potential initial public offering of the international water and energy company ACWA Power began today, Wednesday, September 29, 2021, to Friday, early October 2021.
According to Arab Net, the company has allocated 8,119,929 ordinary shares representing 10% of the total shares offered for public subscription to individual subscribers as a maximum.
The company set the final offer price at 56 Saudi riyals per share.
Requests for individual investors to subscribe to the offering shares can be submitted at the branches of the receiving entities, namely Riyadh Banks, Al Ahli Saudi Banks, Al Rajhi Bank, in addition to Al Jazira Bank.
According to the prospectus, individual subscription application forms will be available during the offering period to individual subscribers at the subscription manager and the receiving entities, and individual subscription application forms should be filled out.
The minimum number of offered shares for individual subscribers is 10, and the minimum subscription amount is 560 Saudi riyals.
The maximum number of offered shares for individual subscribers is 250,000 shares, and the maximum subscription amount is 14 million Saudi riyals.
It is expected that the allocation of the Offer Shares to individual subscribers will be completed no later than October 4, 2021.
The remaining offering shares, if any, are allotted as suggested by the company and the financial advisors. In the event that the number of individual subscribers exceeds 811,992 subscribers, the company does not guarantee the minimum allocation of 10 An offering for each individual subscriber, and the allocation of the offering shares to individual subscribers will be determined according to what the company and the financial advisors propose.
The subscription surplus, if any, will be refunded by October 5, 2021. No ban period or restrictions on selling shares of the subscriber after the listing will be implemented.
The total proceeds from the offering are estimated at 4.547 billion riyals, of which about 160 million riyals will be allocated to pay all costs and expenses related to the offering, bringing the net proceeds to about 4.387 billion riyals. The company will keep It intends to use 70% of the proceeds to finance its capital contribution for future projects, and will use the remaining 30% for general institutional purposes.
The total offering is 81.199 million shares, representing 11.1% of the company's capital after the capital increase, which represents 12.6% of the capital before the increase.
