Dubai’s biggest IPO opens, DEWA share to be priced between Dh2.25-Dh2.48

Dubai’s biggest IPO opens, DEWA share to be priced between Dh2.25-Dh2.48

Dubai: The DEWA IPO is open for subscription, marking the first decisive step in Dubai’s push to open up its stock markets to some serious action. The DEWA offer price will be between Dh2.25 to Dh2.48 a share, valuing the utility company at between Dh112 billion to Dh124 billion. The final offer price will be announced on April 6. The opening of subscriptions, according to analysts, will generate the biggest response yet for an IPO in Dubai. Keeping the offer price at under Dh3 a share, DEWA – and its shareholder, the Dubai Government – is casting the net as wide as possible to bring investors on board and, just as important, add depth to the local capital market by bringing in a new generation of investors, UAE Nationals and residents alike. Retail investors can sign up for a share of the 3.25 billion shares being offered – or 6.5 per cent of the company – between now and April 2. Institutional and foreign investors as well as DEWA employees too will be participating in what is Dubai’s biggest stock market float to date. (Institutional investors have until April 5 to submit their interest.) The share price suggests a future