Empower finalising its IPO plan for H2

Emirates Central Cooling Systems Corporation, popularly known as Empower, is finalising its plan to launch its initial public offering (IPO) in second half of 2022, Khaleej Times has learnt.

Saeed Mohammed Al Tayer, managing director and CEO of Dewa, on Tuesday said Empower IPO is due but not anytime soon. “Empower looks set for the IPO, but it is not coming in the current quarter,” Al Tayr told Alarabiya TV during an interview.

Empower, the world’s largest district cooling services provider, will list the company on the Dubai Financial Market as part of Dubai’s efforts to strengthen its stock market and attract more listings amid a growing appetite for initial public offerings in the region.

On November 2, 2021, Dubai revealed plans to list 10 state-owned companies as part of its strategy to double the size of its capital market.

In February, Empower chief executive Ahmad bin Shafar disclosed that the company’s IPO is expected by the fourth quarter of 2022.

“The listing is part of Dubai’s efforts to double the size of its capital market to Dh3 trillion. Empower will join other state entities including Dewa, Salik and Tecom in going public in 2022,” Bin Shafar told Khaleej Times in February.

Empower, which provides district cooling services for 1,413 buildings, is a joint venture between Dubai Electricity and Water Authority (Dewa) and Tecom Investments. It recorded an increase of 17 per cent in district cooling consumption last year and expanded its network to more than 369.014 kilometres.

— muzaffarrizvi@khaleejtimes.com