For DEWA IPO, investors rope in family and friends to subscribe and get more share allocations

For DEWA IPO, investors rope in family and friends to subscribe and get more share allocations

Dubai: So, how much did you subscribe for in the DEWA IPO? Many investors are now realising that subscribing once may not be enough to get all of the share allocation they hoped for. This has prompted many of them to rope in other family members to try their luck too, according to banking industry sources. “We are seeing multiple applications from the same family,” said one banker. “In fact, there is a surge happening since reports starting coming out that the DEWA IPO was oversubscribed by the end of the first day (March 24) itself. There is a surge in new applications as retail investors factor in the low allocations they will be getting.” (The offer period for retail investors (and eligible DEWA employees) end April 2. Feedback from market sources suggest that average application size for the DEWA IPO is around the Dh100,000 mark. “There seems to be this belief that this is a once-in-a-lifetime opportunity to deploy savings and get a steady income stream,” said another source at one of the participating banks. “We have never seen anything like this.” Banks in the UAE keep sending out messages and emails talking of speedy approvals on loans, and