DEWA intends to proceed with IPO on DFM

DEWA intends to proceed with IPO on DFM

UAE - Mubasher: The state-owned Dubai Electricity and Water Authority (DEWA) intends to proceed with the initial public offering (IPO) to list its ordinary shares on the Dubai Financial Market (DFM).

DEWA seeks to offer 3.25 billion shares, representing 6.5% of its issued share capital, according to a press release on Tuesday.

These shares will be sold to individuals and other investors under the UAE retail offering and to professional investors outside the US, including the UAE, as part of the qualified investor offering.

The retail offering's subscription period is scheduled from 24 March 2022 to 2 April 2022, while the qualified investor offering's subscription period is expected to run from 24 March 2022 to 5 April 2022.

The offering and admission are forecast to be completed in April 2022, subject to market conditions and relevant regulatory approvals in the UAE.

The Managing Director and CEO of DEWA, Saeed Mohammed Al Tayer, commented: "Dubai’s wise leadership has enabled the Emirate to grow into a thriving, diversified global economy in just a few decades. This is a historical moment for DEWA as the first government entity in Dubai to go public."

Meanwhile, Al Tayer added: "With the highest standards of efficiency, quality, and availability, DEWA is ready