DEWA IPO: Retail investor interest for mega-IPO already at a peak ahead of Mar. 24 opening

DEWA IPO: Retail investor interest for mega-IPO already at a peak ahead of Mar. 24 opening

Dubai: Participating banks in the UAE are all set to hit the ‘Send’ button releasing funds that would allow their accountholders to subscribe to the DEWA IPO, which opens March 24. The stock market float of Dubai’s utility company has triggered one of the biggest retail investor responses ever for an IPO in the UAE – and the next 48 hours could get more to participate. Market sources say that the interest has been widespread, including from overseas individual investors. “There have been other high-profile stock market listings of blue-chips in the UAE – but DEWA is taking interest to a whole new level,” said a market analyst. “Right now, the need to subscribe – even among those who have never invested in Dubai stock market before – is intense.” (The DEWA stock pricing will be known only just ahead of the offer opening.) Yes, individual investors are putting off other asset purchases, whether it is in other stocks, gold or Bitcoin. There is market chatter about investors diluting their stakes on current DFM-listed stocks and going all for the Big One – DEWA. As of now, subscriptions will be offered for 6.5 per cent of DEWA’s capital, and with