Spot gold was last up 0.1 per cent at $1,825.29 per ounce on Tuesday morning
Markets6 days ago
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.
ALSO READ:
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.
Spot gold was last up 0.1 per cent at $1,825.29 per ounce on Tuesday morning
Markets6 days ago
Long-awaited move is a crucial step in PM Modi’s drive to 'monetise and modernise' state-run companies
Markets6 days ago
Precious yellow metal price outlook is uncertain in the medium to long term due to geopolitical tensions and global economic slowdown
Markets1 week ago
Falling interest rates led to many more savers investing in stocks, real estate and cryptos, leading to price surges across these asset classes
Markets1 week ago
The index tumbled 5.8 per cent, its biggest intraday fall since March 2020, dragged down by a 8.5 per cent plunge in the UAE’s largest lender First Abu Dhabi Bank
Markets1 week ago
The inaugural issuance of the local currency treasury bonds program witnessed a strong appetite from investors in the region and globally being 6.3 times oversubscribed during the first auction that successfully concluded this week
Markets1 week ago
This is the first time the virtual currency has plunged so low
Markets1 week ago
The oil giant was valued at $2.42 trillion based on the price of its shares at close of market
Markets1 week ago