Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance has acted as issuer’s counsel to Acwa Power, a Saudi-based utility project developer, on its $1.2 billion landmark IPO and $10.9 billion listing on the Saudi Stock Exchange (Tadawul).
It is the largest IPO in Saudi Arabia since Saudi Aramco's public offering in 2019. The institutional investor tranche, which was marketed domestically and internationally to raise more than $1 billion from investors under Regulation S, accounted for 90 percent of the IPO and was 248 times oversubscribed, attracting funds exceeding SR1.127 trillion (over $300 billion) – an unprecedented sum for a Saudi IPO.
Acwa Power is a developer, investor and operator of power generation (including renewable energy) and desalinated water production plants.
Registered and established in 2004 in Riyadh, Saudi Arabia; Acwa Power employs approximately 3,500 people and is currently present in 13 countries in the Middle East, Africa, Central Asia and Southeast Asia. Acwa Power’s portfolio includes 64 assets at a total project cost of SR248 billion ($66 billion).
A Clifford Chance team led by Dubai-based Partner Richard Parris advised on the projects related workstreams. - TradeArabia News Service