Riyad Capital, Citi Group Saudi Arabia, JP Morgan Saudi Arabia, and Natixis Saudi Arabia announced their roles as financial advisors, IPO underwriters, and bookrunners for the potential initial public offering (IPO) of International Water and Energy Works Company, "Aqua Power." They disclosed the determined price range and commencement of the order book building period for institutional investors.
In a statement on "Saudi Tadawul" today, the company announced that the price range has been set between 51 to 56 Saudi Riyals per share. The offering involves the issuance of 81,199,299 new ordinary shares, representing 11.1% of the company's shares after capital increase.
The minimum number of shares to be subscribed for participating entities is 100,000 shares, while the maximum is 36,544,986 shares. Participation in the order book building is limited to qualified entities per the guidelines issued by the Capital Market Authority regarding the order book building and allocation of shares in initial public offerings.
The issue price for the public offering will be determined after the completion of the order book building process, followed by the subscription period for individual investors. Initially, 81,199,299 offering shares will be allocated for participating entities, representing 100% of the total offered shares, with final allocation occurring after the conclusion of the individual subscription period.
Should individual subscribers fully subscribe to the shares allocated to them, the bookrunners reserve the right to reduce the number of shares allocated to participating entities to a minimum of 73,079,370 shares, which represents 90% of the total offered shares. The order book building period for institutional investors starts on Wednesday, September 15, 2021, and ends on Monday, September 27, 2021.
