DEWA plans to list 6.5 pct stake in what could be Dubai’s biggest IPO

DEWA plans to list 6.5 pct stake in what could be Dubai’s biggest IPO

State-owned Dubai Electricity & Water Authority (DEWA) plans to sell a 6.5 percent stake in what could be the city’s biggest initial public offering.

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The offer price range will be announced on March 24 with an expected trading debut on April 13, according to an advertisement published by the utility in Gulf News. The utility is offering 3.25 billion shares in the transaction.

The UAE retail offering subscription period is March 24 to April 2, while the qualified investor offering subscription period: March 24 to April 5.

Dubai’s government retains the right to increase the size of the offering before the end of the subscription period

The company intends to pay dividends twice each fiscal year, in in April and October

Expects to pay a minimum dividend amount of 6.2 billion dirhams per annum over the five years through April 2027

Citigroup, Emirates NBD Capital, HSBC Bank Middle East, Credit Suisse, EFG-Hermes, First Abu Dhabi Bank and Goldman Sachs are among the banks managing the process.

Dubai Electricity & Water Authority is pushing ahead with the listing even though Russia’s invasion of Ukraine has effectively shut the IPO markets. Still, Gulf markets are so