Categories: Business

PIF-backed utility firm Marafiq opens IPO at up to $11 per share


Sun, 2022-10-09 10:23

RIYADH: Saudi Power and Water Utility Co. for Jubail and Yanbu, which is backed by the Saudi Public Investment Fund, set the price range for its initial public offering at SR41-46 ($10.9-$12) per share, as it kicks off the book-building period on Sunday.

The book-building process for institutional investors, which will end on Oct. 14, will be led by HSBC Saudi Arabia and Riyad Capital, according to a bourse filing.

The utility company, known as Marafiq, is offering 29.24 percent of its capital, representing 73.09 million, in an attempt to join the main market.

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