DEWA increases number of offered shares in IPO

DEWA increases number of offered shares in IPO

UAE - Mubasher: The Dubai Electricity and Water Authority (DEWA) has raised the number of shares offered in its initial public offering (IPO) to 8.5 billion ordinary shares from 3.25 billion.

This step would result in a 17% free float of DEWA’s share capital, with the Dubai government continuing to hold 83%, according to a press release on Wednesday.

Following approval from the UAE Securities and Commodities Authority (SCA), DEWA will increase the size of the tranche for qualified investors up to 16.4% of the share capital from 5.9%.

Meanwhile, the retail and employee tranches will remain unchanged.

It is noteworthy to mention that on 24 March, the authority set the offer price range per share between AED 2.25 and 2.48 per ordinary share.