EFG Hermes completes advisory on $6.1 bn DEWA IPO

EFG Hermes completes advisory on $6.1 bn DEWA IPO

EFG Hermes’ investment banking division has successfully completed its advisory on Dubai Electricity and Water Authority’s (DEWA) $6.1bn initial public offering (IPO) on the Dubai Financial Market (DFM) – the largest ever listing in the Middle East since 2019 and a first-of-its-kind transaction of a public company in Dubai. DEWA has listed nine billion shares — representing 18 per cent of its share capital — at a price of Dhs2.48 per share, implying a market capitalisation of Dhs124bn and making it the largest company on the DFM. DEWA’s shares began trading under the ticker ‘DEWA UH EQUITY’. The listing of the Dubai utilities giant falls in line with Dubai’s plans to take 10 state-owned companies public this year, as part of its efforts to deepen and diversify the capital market by bringing the index’s market capitalisation to Dhs3tn, and in turn pave the way for stronger, more transparent governance structures. “We’re honoured to have advised on this historic listing — not just for the DFM but the Middle East as a whole — which has spurred unprecedented foreign and local investment into the market by giving them first-time access to Dubai’s burgeoning energy sector,” aid Mohamed Fahmi, EFG Hermes’ Co-Head