Two UAE-based companies announce near $200 million investment in landmark DEWA IPO

Two UAE-based companies announce near $200 million investment in landmark DEWA IPO

At least two UAE-based companies have invested a combined AED 734 million ($199,831,199) in the state utility company DEWA’s initial public offering (IPO), the official Emirates news agency WAM reported on Thursday.

Alpha Dhabi Holding PJSC, an Abu Dhabi-based conglomerate and subsidiary of the International Holding Company (IHC), has made an AED 367 million ($99,918,047) investment into the landmark IPO through its subsidiary Alpha Dhabi Partners Holding LLC.

Multiply Group, another Abu Dhabi-based holding company also announced that it will be investing AED367 million ($99,918,047) into the IPO as a cornerstone investor, WAM reported.

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Emirates Investment Authority, state holding company ADQ, Multiply Group, Alpha Dhabi Partners and Investment Holdings Est will become cornerstone investors in the IPO with a total commitment of up to $1.3 billion, Reuters reported citing a statement.

DEWA, or the Dubai Electricity and Water Authority, is Dubai’s main power and water company. On March 24, it joined the ranks of the world’s largest utilities after unveiling plans to list at a $34 billion valuation.

DEWA is looking to raise as much as $2.2 billion in its initial public offering, in what would be the emirate’s biggest listing since