Dubai utilities giant DEWA to go public in April as IPO boom gets underway

Dubai utilities giant DEWA to go public in April as IPO boom gets underway

DUBAI, United Arab Emirates — Dubai's state water and power company DEWA will list on the Dubai Financial Market as soon as April, after announcing an ambitious share prospectus that could make it the largest public offering of its kind in the emirate. DEWA, or the Dubai Water and Electricity Authority, plans to sell a 6.5% stake by offering 3.25 billion shares in its public offering. A price range is expected to be announced by March 24, and shares could list on the Dubai Financial Market (DFM) by April 12, according to its released Tuesday. "This is a historical moment for DEWA as the first government entity in Dubai to go public," DEWA Chief Executive Saeed Mohammed Al Tayer said in a statement. DEWA, which is the exclusive provider of water, electricity and district cooling to Dubai's 3.5 million local and expatriate residents, has 13.4 gigawatts of installed electricity capacity and can produce 490 million imperial gallons of desalinated water each day. The utility had adjusted earnings of $3.3 billion last year, and plans to pay a minimum dividend of $1.69 billion over the next five years to future investors. DEWA also expects continued growth in demand in Dubai for