DEWA ups IPO offering from 6.5% to 17% of its share capital making 8.5 billion shares available to investors – ArabianBusiness

DEWA ups IPO offering from 6.5% to 17% of its share capital making 8.5 billion shares available to investors – ArabianBusiness

The Dubai Electricity and Water Authority PJSC (DEWA) has exercised its right to increase the number of shares offered in its initial public offering (IPO) from 6.5 percent of its issued share capital to 17 percent of its share capital – marking an increase in the offering from 3.25 billion ordinary shares to 8.5 billion ordinary shares, following approvals from the UAE Securities and Commodities Authority (SCA).

The Government of Dubai will continue to own the majority 83 percent of the public service infrastructure and utility giant’s share capital, according to a statement shared by DEWA.

DEWA has also received approval from the SCA to increase the size of the tranche reserved for qualified investors, which includes the new strategic investors, from 5.9 percent – representing 2.925 billion – to up to 16.4 percent of the company’s share capital – representing up to 8.17 billlion shares.