Natixis CIB supports ACWA Power on it $1.2bn initial public offering (“IPO”) on the main market of the Saudi Stock Exchange (“Tadawul”)

Clients success

The International Company for Power and Water Projects (ACWA Power), a leading developer, investor and operator of power generation and desalinated water plants worldwide, appointed Natixis CIB Saudi Arabia Investment Company (“NSAIC”) to act as Joint Financial Advisor, Joint Global Coordinator, Joint Bookrunner and Underwriter as part of the banking consortium for its landmark $1.2bn IPO on Tadawul.

ACWA Power’s IPO is the largest in the Kingdom since Saudi Aramco’s listing, the largest in the GCC in 2021 to date, and the largest-ever utilities IPO in the Middle East.

"We are delighted to support ACWA Power on this landmark IPO. By combining our strong Power and Renewables expertise and our Equity Capital Markets capabilities, Natixis CIB played a key role in co-leading this highly successful IPO. Being a Joint Financial Advisor and Joint Global Coordinator of this landmark IPO is a great recognition and reflects the trust in Natixis CIB long-standing commitment to the company and the region. " said Anne-Christine Champion, Co-Head of Natixis CIB.

" In recognition of the fundamental role of the banking consortium that has facilitated our landmark listing, on behalf of ACWA Power’s management team I would like to express my gratitude to the Natixis CIB team for their commendable efforts in taking ACWA Power public. It is such strong and supportive relationships that fuel the realisation of our ambitious plans to accelerate the adoption of sustainable power and water solutions around the world as we lead the transition towards a cleaner, greener future " said Paddy Padmanathan, President and CEO, ACWA Power.

Proceeds of the IPO will be used to further strengthen ACWA Power’s balance sheet and fund future projects in the energy and water desalination sectors during the next five years after completion of the IPO.

The IPO gathered a massive success with a book covered in few hours at the top of the price range by high quality investors including Tier 1 international investors, implying a market capitalization of $10.9bn. The overall oversubscription rate represents 250x implying a total demand over $300bn.

ACWA Power is a leading developer, investor and operator of power generation 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 SAR 248 billion (USD 66 billion), with an overall portfolio capacity of 41.6GW of power generation and 6.4 million m3/day of desalinated water production including projects under construction and in advanced development for the needs of state utilities and industries on long term, off-taker contracts under utility services outsourcing and Public-Private-Partnership models.

ACWA Power’s mission is to reliably and responsibly deliver electricity and desalinated water at a low cost, thereby contributing effectively to the sustainable, social and economic development of communities and countries. ACWA Power is committed to the values of Safety, People and Performance in operating its business across all geographies.


Related articles