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Saudi utility partly owned by Aramco and PIF sets IPO price range
Saudi men look to a screen showing stock prices at ANB Bank, in Riyadh. — Reuters file photo
Saudi Arabia's Power and Utility Company for Jubail and Yanbu (Marafiq) has set the price range for its potential initial public offering at 41 to 46 riyals ($10.91-12.24) a share, HSBC said on Sunday.
HSBC and Riyad Capital are financial advisers, joint global coordinators and bookrunners on the IPO, which began book-building on Sunday for a roughly 30 per cent free float of the company, HSBC said in a stock exchange filing.
Marafiq, which aims to list on Riyadh's Tadawul bourse, will sell 29.24 per cent of its issued share capital, just over 73 million shares, by selling shares held by investors owning stakes of five per cent or more.
Those "substantial" shareholders are the Royal Commission for Jubail and Yanbu, the sovereign Public Investment Fund (PIF), oil giant Aramco subsidiary Saudi Aramco Power Company (SAPCO) and Saudi Basic Industries Corporation, which Aramco owns a 70 per cent stake in. Each of the four owns 24.81 per cent, according to Refinitiv data.
The final share price will be determined after the book-building is completed on Friday. The subscription period for individual investors will run from October 26-29. Final share allocations will be announced on November 2.
Riyad Capital is also underwriter on the IPO and Al Rajhi Bank, Banque Saudi Fransi, Riyad Bank, Saudi British Bank and Saudi National Bank are receiving agents.
Marafiq was set up in 2000 to provide integrated utility services in the kingdom's industrial cities of Jubail and Yanbu. — Reuters
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