Saudi utility Marafiq to list shares on stock exchange
Its application to offer 29.24% shares was recently approved by the regulator
The Power and Water Utility Company for Jubail and Yanbu (Marafiq) on Sunday announced its intention to proceed with an initial public offering and list its shares on the Saudi stock market.
Marafiq’s application for the offering of 73,094,500 ordinary shares, representing 29.24 per cent of the company’s Issued share capital, was approved by the Capital Market Authority recently.
The offering, after taking into account minority shareholders with a total of 0.76 per cent of Marafiq’s share capital, will correspond to a 30 per cent free float at listing. The final price at which all subscribers in the offering will purchase shares will be determined at the end of a book building process.
Marafiq is an integrated utilities services provider with presence across the power and water value-chain. In the power segment, Marafiq and its subsidiaries have around 4.8 gigawatts of gross power generation capacity, which corresponds to 3.2 per cent of Saudi Arabia’s total power capacity. In the water segment, Marafiq provides water desalination, seawater cooling and wastewater treatment. With 1.3 million cubic metre a day of desalinated water production capacity the company’s operations represent 7.2 per cent of Saudi Arabia’s total desalination capacity.