DEWA IPO: Will Dubai utility giant charge to a record over-subscription?

DEWA IPO: Will Dubai utility giant charge to a record over-subscription?

Dubai: The anticipation for the DEWA has been ever since Dubai announced its plans for the . The likely size of the IPO will be clear after March 24, which is when subscription opens. According to market analysts, the or thereabouts. Retail investor participation could set a new record for an IPO in Dubai, while UAE-based institutional investors too will be joining in wholeheartedly. “One look at DEWA’s announced dividend plans of Dh6.2 billion a year for the next five years is enough to convince anyone,” said an investor who has been closely tracking equities in the UAE and Saudi Arabia. “It will be the bluest of blue-chips.” Emirates NBD and other participating banks have been keeping the networks busy by sending the share application prospectus since morning. “Within hours of the banks opening for business, priority clients and others had the forms in their inboxes,” said Vijay Valecha, Chief Investment Officer at Century Financial. “There is no doubt that this is going to be one heavily oversubscribed IPO.” Foreign investors too will have a chance to get into the action. “DEWA has received a very enthusiastic response from foreign investors, mainly because of its track record, business metrics and