Dubai: Dewa launches IPO, announces share prices

Dubai Electricity and Water Authority (Dewa) on Thursday announced the launch of its initial public offering (IPO) and set indicative price range between Dh2.25 and Dh2.48 per share.

A total of 3.25 billion shares, equivalent to 6.5 per cent of Dewa’s existing shares, will be offered, with the selling shareholder reserving the right to increase the size of the offering.

The utility services provider will be raising as much as Dh8.06 billion through the IPO, making it the largest such in the emirate since DP World’s IPO in 2007. The final offer price will be determined through a book-building process and is expected to be announced on April 6, 2022, Dewa said in a statement on Thursday.

The IPO subscription started on Thursday and will run until April 2 for the UAE retail investors and until April 5 for the institutional investors.

“Since announcing our intention to float on the Dubai Financial Market last week, we have received strong interest from local and international investors that recognise our determination to shape a green future for Dubai,” said Saeed Mohammed Al Tayer, managing director and CEO of Dewa.

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The Dubai government had earlier announced that 10 government-backed entities will be listed on the local bourse to increase liquidity in the market to Dh3 trillion.

Dewa is the first public entity to list on the local bourse.

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