DEWA expands IPO size to 17%, turning it into a mega listing on DFM

DEWA expands IPO size to 17%, turning it into a mega listing on DFM

Dubai: has increased its offer size to 17 per cent from 6.5 per cent as its meets overwhelming subscriber demand. "The new offering of 8.5 billion ordinary shares implies a deal size of 17 per cent," the Dubai utility company said in a statement. The was heavily from Day 1, with the offer opening on March 24. Retail investors had been keenly anticipating DEWA offering a higher stake - but they will not be getting any of the new shares being offered. (The retail tranche will remain unchanged at between Dh731 million to Dh806 million of the overall Dh7 billion plus issue size.) The hike in offer size follows approval from the UAE regulator, the Securities and Commodities Authority. DEWA “exercised its right to increase the number of shares offered” from 3.25 billion shares to 8.5 billion, which would result in a free float of 17 per cent of the entity’s share capital. The Dubai Government will own the remaining 83 per cent. DEWA has also received regulator approval to increase the size of the tranche reserved for ‘qualified investors’ (which includes new ‘strategic investors) from 5.9 per cent (representing up to 2.925 billion shares) to up to 16.4 per