Search Site

Trends banner

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

DEWA to increase shares for retail investors to 760 million

DEWA is expected to be listed on the Dubai Financial Market (DFM) on or around 12th April 2022.
  • This means the number of shares offered in the DEWA IPO has increased from 8.5 billion ordinary shares to 9 billion ordinary shares
  • Based on the previously announced price range of AED2.25 to AED2.48 per share, the Retail Tranche will now be between AED1.71 billion and AED1.88 billion

DEWA has decided to increase number of shares from 260 million to 760 million to be offered to retail investors in its Initial Public Offering (IPO).

Following significant demand and oversubscription from retail investors, the Government of Dubai – as the selling shareholder – decided to increase the size of the Retail Tranche from 260 million shares to 760 million shares.

This means the number of shares offered in the DEWA IPO has increased from 8.5 billion ordinary shares to 9 billion ordinary shares, which would result in a free float of 18 percent of DEWA’s share capital, with the Government of Dubai continuing to own 82 percent of DEWA’s share capital.

Based on the previously announced price range of AED2.25 to AED2.48 per share, the Retail Tranche will now be between AED1.71 billion and AED1.88 billion (US$ 465.62 – US$ 513.22 million).

Including investors that participated in the Third Tranche (DEWA Eligible Employees), retail investors will represent 9.2 percent of the total upsized deal.

The subscription period for the DEWA IPO remains unchanged and will close on 2nd April 2022, for UAE retail investors and on 5th April 2022 for qualified domestic and international institutional investors.

DEWA is expected to be listed on the Dubai Financial Market (DFM) on or around 12th April 2022