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Dewa launches IPO: Company set to be 'largest' on Dubai bourse

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

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Dubai Electricity and Water Authority (Dewa), which launched its IPO on Thursday to raise as much as Dh8 billion, is set to become the largest company on the Dubai Financial Market in terms of market capitalisation, it said in a statement on Thursday.

The utility services provider on Thursday set indicative price range of Dh2.25 and Dh2.48 per share which implies a total market capitalisation of between Dh112.5 billion and Dh124 billion, making it the largest company on the Dubai Financial Market by market capitalisation, Dewa said.

Set to be the biggest IPO in Dubai in 15 years, a total of 3.25 billion shares, equivalent to 6.5 per cent of Dewa’s existing shares, will be offered for sale.

The final offer price will be determined through a book building process and it’s expected to be announced on April 6, 2022, Dewa said in a statement on Thursday.

The IPO subscription which started on Thursday will run until April 2 for retail investors and until April 5 for institutional investors. The stock is expected to be listed on the Dubai Financial Market on April 12, 2022.

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“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.

-waheedabbas@khaleejtimes.com

• Dubai