DEWA reveals IPO price range; Intends to raise up to $2.2bn

DEWA reveals IPO price range; Intends to raise up to $2.2bn

State-owned Dubai Electricity and Water Authority (DEWA) has announced the price range and start of the subscription period for its initial public offering (IPO) on the Dubai Financial Market (DFM).

According to the statement, the price range for the offering has been set at between $0.61 (AED 2.25) and $0.68 (AED 2.48) per share.

The total offering size is expected to be between $1.99 billion (AED7.31 billion) and $2.2 billion (AED8.06 billion), implying a market capitalization at a listing of between $30.63 billion (AED 112.50 billion) and $33.76 billion (AED 124.00 billion), which would make DEWA the largest company on the DFM by market capitalization.

The company noted that, “A total of 3.25 billion shares, equivalent to 6.5 percent of DEWA’s existing shares, will be offered, with the selling shareholder reserving the right to increase the size of the offering at any time before the end of the subscription period at its sole discretion, subject to applicable laws and approval of the Securities & Commodities Authority (SCA).”

Saeed Mohammed Al Tayer

MD & CEO

DEWA “This IPO represents an opportunity for investors to participate in a unique growth story that is underpinned by the ambition of Dubai and the United Arab Emirates. Since announcing our intention