American Electric Power Co., one of the biggest utilities in the US, is seeking to raise $2.6 billion in a share sale as artificial intelligence technology drives booming demand for electricity.

The Columbus, Ohio-based company is offering the shares for $127 to $129 each, according to people familiar with the matter, who asked not to be identified as the information isn’t public. The price range represents a discount of as much as 3.7% to Tuesday’s closing price.