The building in Muhaisnah 4 had suffered structural damage last week and has been sealed off as authorities conduct investigations
Dubai Electricity & Water Authority (Dewa) expects to launch its initial public offering next month, with a listing on the Dubai Financial Market likely to be in April, sources told Reuters.
The state-owned company plans to announce its intention to float on March 7, sources with knowledge of the matter said, declining to be named as the matter is not public.
Dewa declined to comment when contacted by Reuters on Tuesday.
The company plans to offer at least five per cent of its shares to investors, said the sources, while one of them said the offering could go up to 10 per cent.
Another source said the company had garnered strong investor appetite for the upcoming offering from its pre-IPO talks, suggesting the deal could be easily covered by investors from the region.
An institutional investor who has seen DEWA’s investor presentation said the company could be valued between $27 billion to $37 billion, adding that a valuation at the lower end of the range, which would translate to a higher dividend yield and make it an attractive investment.
The company plans to distribute Dh6.2 billion ($1.69 billion) in annual dividends, the investor said.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, in November announced plans to take 10 government-linked companies public to boost stock market activity.
The listing plans aim to help the Dubai stock market compete more effectively with bigger exchanges in the region, such those in as Saudi Arabia and neighbouring Abu Dhabi. — Reuters
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