Dubai: Dewa IPO sees strong demand

Dubai: Dewa IPO sees strong demand

Government will float 10 entities on the Financial Market to increase market capitalisation to Dh3 trillion

Published: Mon 28 Mar 2022, 4:36 PM

The Dubai Electricity and Water Authority’s (Dewa) initial public offering (IPO) is seeing strong demand and UAE’s stock markets have a healthy pipeline of IPOs, senior government officials said on Monday.

“We see a lot of interest around Dewa IPO and it is one of 10 government entities to be floated. In addition, many privately-owned companies have started the process and we see a healthy pipeline. This means a greater depth of capital markets and better governance,” said Helal Al Marri, director-general, Dubai Department of Economy and Tourism.

Dewa launched its IPO on Thursday to raise up to Dh8.06 billion and will list on Dubai Financial Market next month and set an indicative price range between Dh2.25 and Dh2.48 per share. A total of 3.25 billion shares, equivalent to 6.5 per cent of Dewa’s existing shares, will be offered, with the selling shareholder reserving the right to increase the size of the offering.

The Dubai government has announced that it will float 10 entities on the Dubai Financial Market to increase market capitalisation to Dh3 trillion.

A strong response to Dewa’s IPO will