Dubai adds buzz to UAE IPO market as DEWA offering opens today

Dubai adds buzz to UAE IPO market as DEWA offering opens today

The price band for the IPO has been set at 2.25 to 2.48 United Arab Emirates dirham per share, the state-owned utility would be selling 3.25 billion shares or 6.5 percent of its stake.





March 24, 2022 / 10:10 AM IST





Downtown Dubai. On New Year's Eve, watch the Burj Khalifa fireworks or go on a dinner cruise.



The maiden initial public offer (IPO) of Dubai Electricity and Water Authority PJSC (DEWA) opens for subscription on March 24. Earlier on March 15, the emirates’ utility company formally announced its intention to float 6.5 percent of its issued share capital to be listed on the Dubai Financial Market (DFM).

DEWA, now DEWA PJSC, was created in 1992 as a result of the merger of the Dubai Electricity Company and the Dubai Water Department. It is the exclusive provider of electricity and potable water to Dubai’s 3.5 million residents.

As per the details available on Bloomberg, the price band for the IPO has been set at 2.25 to 2.48 United Arab Emirates dirham per share wherein the state-owned utility would be selling 3.25 billion shares or 6.5 percent of its stake.

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