Dubai, UAE— Dubai Electricity and Water Authority’s shares tanked 2.8 percent to 2.47 dirhams ($0.67) on Wednesday, compared to the IPO price of 2.48 dirhams.
The company went public six months ago.
There were over 6.5 million shares traded by 11:37 a.m. local time, with the average volume on the stock declining since it was listed.
The decline came in reaction to fears of an economic slowdown amid tighter monetary policy, causing global financial markets to see volatility. Dubai’s benchmark index has lost about 5.5 percent since the utility firm went public.
DEWA was one of the largest IPOs of the year globally. The state-owned utility raised $6.1 billion and attracted orders valued at $86 billion from investors.
This offering marked the biggest regional IPO since Saudi oil giant Aramco raised over $25 billion back in 2019.