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.

The retail subscription to 21.93 million shares, or 10 percent of the shares offered, will run from Oct. 26 to Oct. 29.