(Bloomberg) -- Saudi Arabian energy producer ACWA Power International hired JPMorgan Chase & Co., Citigroup Inc. and Natixis SA as global coordinators for an initial public offering that could raise more than $1 billion, according to people familiar with the matter.
The Riyadh-based power plant developer also selected Riyad Capital as local coordinator for the sale on the kingdom's local bourse that could happen as soon as the second half, the people said, asking not to be identified because the information is private. Other advisers on the sale include Middle Eastern boutique investment firm Fifth Dimension Partners, the people said.
ACWA Power has shareholders including the kingdom's Sanabil International Investments Co. and the country's pension agency. Saudi Arabia's sovereign wealth fund, the Public Investment Fund, is nearing an agreement to buy about a 10 percent stakestake in ACWA Power ahead of its share sale, people familiar with the matter said last month. The IPO could be one of the first major listings in the country that allows qualified foreign investors to participate.
ACWA Power, Citigroup and Fifth Dimension declined to comment. JPMorgan, Riyad Capital and Natixis didn't immediately comment.
To contact the reporters on this story: Dinesh Nair in London at dnair5@bloomberg.net, Archana Narayanan in Dubai at anarayanan16@bloomberg.net, Matthew Martin in Dubai at mmartin128@bloomberg.net.
To contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, Andrew Blackman
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