Dewa IPO: Dubai company seeks to raise $2.2bn from DFM flotation – The National

Dewa IPO: Dubai company seeks to raise $2.2bn from DFM flotation – The National

The Dubai Electricity and Water Authority is looking to raise as much as Dh7.96 billion ($2.2bn) from its initial public offering, which might be Dubai's biggest listing in 15 years, as the emirate plans to double the size of its capital market.

The utility set its offering price range between Dh2.25 and Dh2.48 per share, valuing the company between Dh112.5bn and Dh124bn, which makes Dewa the largest company on the Dubai Financial Market by market capitalisation, the company said.

Dewa plans to sell a total of 3.25 billion shares, equivalent to 6.5 per cent of its existing shares, in the offering, which is set to be the biggest listing since DP World in 2007. The selling shareholder may increase the size of the offering.