The defending champions overpowered TP Mazembe from the Democratic Republic of Congo 3-0 in Cairo
Dubai Electricity and Water Authority (Dewa) today announced that, following approval from the UAE Securities and Commodities Authority (SCA), it had exercised its right to increase the number of shares offered in the first tranche (retail tranche) of its Initial Public Offering (IPO).
Following significant demand and oversubscription from retail investors, the government of Dubai — as the selling shareholder — decided to increase the size of the retail tranche from 260 million shares to 760 million shares.
This means the number of shares offered in the Dewa IPO has increased from 8.5 billion ordinary shares to 9 billion ordinary shares, which would result in a free float of 18 percent of Dewa's share capital, with the Government of Dubai continuing to own 82 percent of Dewa's share capital.
Based on the previously announced price range of Dh2.25 to Dh2.48 per share, the Retail Tranche will now be between Dh1.71 billion and Dh1.88 billion ($465.62 - $ 513.22 million).
Including investors that participated in the Third Tranche (Dewa Eligible Employees), retail investors will represent 9.2 per cent of the total upsized deal.
The subscription period for the Dewa IPO remains unchanged and will close on April 2, 2022, for UAE retail investors and April 5, 2022 for qualified domestic and international institutional investors. Dewa is expected to be listed on the Dubai Financial Market (DFM) on or around April 12, 2022. — WAM
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