Saudi Arabia's Power and Water Utility Co. for Jubail and Yanbu, known as Marafiq, is planning to list 29.24% of its shares on the main market of the Saudi Stock Exchange, according to a bourse filing Sunday.
The offering, after taking into account minority shareholders with a total of 0.76% of Marafiq’s share capital, will correspond to a 30% free float at the listing, the company said in a separate statement.
The price per share will be determined after the book-building period, the statement said, without specifying dates. Back in March, the company said it was looking to raise $1.2 billion by selling a 30% stake in the second half of 2022, according to a Bloomberg report.
The shares will be offered for subscription to individual and institutional investors, including institutional investors outside the US. Nearly 51.2 million shares will be allocated to institutional investors, while 21.9 million to individual investors, the company statement showed.
The Capital Market Authority (CMA) approved on September 26 the company's application to offer 73,094,500 ordinary shares. A month earlier, Marafiq received approval from the Saudi Exchange to list its shares on the main market.
