After mega-IPO, DEWA’s stock is all set to trade and DFM takes first step to Dh3t market cap

After mega-IPO, DEWA’s stock is all set to trade and DFM takes first step to Dh3t market cap

Dubai: The stage is set for Dubai Financial Market to make its journey to a Dh3 trillion market capitalisation, with DEWA set to list after a hugely successful IPO. DEWA, whose retail offering was over-subscribed 37x, has listed its prospectus on DFM ahead of the start of trading. Market analysts and investors are only focussed on one detail – how will the DEWA stock fare on the first day of trade? Or to be more pertinent, how high will it go. A 15-20 per cent spike is rated a certainty by most market watchers, while for DFM, the listing represents a truly historic moment. The share will list at Dh2.48. “With first day listings, there is no ‘circuit-breaker’ that comes into effect when a stock climbs 15 per cent in a session,” said Vijay Valecha, Chief Investment Officer at Century Financial. • ADNOC Drilling shares jumped more than 30 per cent on debut in September 2021 after a $1.1 billion (IPO, the largest ever on the Abu Dhabi stock market. The listing drew orders worth $34 billion. • Another record-setting IPO was from Multiply Group, a subsidiary of International Holding Company (IHC). Its shares reached Dh2 per share at the