Dubai, UAE—Emirates Central Cooling Systems Corporation (Empower) has priced its IPO between AED1.31 ($0.36) and AED1.33 per share.
The total offering size is expected to be between AED1.31 billion (US$357 million) to AED1.33 billion ($362 million), implying a market capitalization at a listing of between AED13.10 billion ($3.567 billion) and AED13.30 billion ($3.622 billion).
On Oct. 24, Empower announced it will list 10 percent stake in its IPO and list a portion of its ordinary shares for trading on the Dubai Financial Market (DFM).
Empower said that 1 billion shares, each with a nominal value of AED0.10 (ten fils) will be made available in the offering. It added that all shares to be offered represent the sale of existing shares held in aggregate by DEWA and Emirates Power (an indirectly wholly owned subsidiary of Dubai Holding), with DEWA selling seven percent and Emirates Power selling three percent in the IPO. The Company will not receive any proceeds from the Offering.
The company said in a statement that based on the approved dividend of AED850 million to be paid in 2023, the offer price implies a dividend yield within the 6.4 percent to 6.5 percent range.
