Dubai Electricity and Water Authority (DEWA) Thursday announced an IPO, setting the price range between AED 2.25 and AED 2.48 per share.
DEWA, which is exclusive provider of electricity and potable water in Dubai, expects to raise between $1.99 billion and $2.19 billion from the offering, making it the largest 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.
A total of 3.25 billion shares, equivalent to 6.5 percent of DEWA’s existing shares, will be offered. All shares to be offered shall represent the sale of existing shares held by the Government of Dubai.
The IPO size implies a market capitalization at listing of between $30.63 billion and $33.76 billion, which would make DEWA the largest company on the DFM by market capitalization.
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.
DEWA is the majority owner of Empower, the world’s largest district cooling services operator by connected capacity.
Saeed Mohammed Al Tayer, Managing Director & Chief Executive Officer of DEWA, said, “Since announcing our intention to float on the Dubai Financial Market last week, we have received strong interest from local and international investors that recognize our determination to shape a green future for Dubai.”