Dubai: Dewa increases IPO size to 17%

Dubai: Dewa increases IPO size to 17%

The company at first had 3.25 billion shares in its initial public offering

Published: Wed 30 Mar 2022, 10:32 AM Last updated: Wed 30 Mar 2022, 10:47 AM

Dubai Electricity and Water Authority on Wednesday (Dewa) announced that it had increased the number of shares offered in its initial public offering from 3,250,000,000 ordinary shares to 8,500,000,000 ordinary shares.

This would result in a free float of 17% of DEWA's share capital, with the Government of Dubai continuing to own 83% of DEWA's share capital, and follows approval from the UAE Securities and Commodities Authority (SCA).

Dewa has also received approval from the SCA to increase the size of the tranche reserved for qualified investors (which includes the new Strategic Investors) from 5.9% (representing up to 2,925,000,000 shares) to up to 16.4% of the company's share capital (representing up to 8,175,000,000 shares).

Excluding the New Strategic Investors, who are locked up for between 180 and 365 days, the deal (including previously announced cornerstones) increases from 6.5% to 10% of the company's share capital. The size of the retail and employee tranches will remain the same.

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The new offering size was determined by the Government of Dubai as the selling shareholder, following Dewa's decision to set