How soon will DEWA IPO hit the ‘over-subscribed’ mark?

How soon will DEWA IPO hit the ‘over-subscribed’ mark?

Dubai: How soon will the DEWA IPO hit the ‘over-subscribed’ mark? There are bankers and market traders who say this could happen by the end of today (March 25) itself, the second day of the subscription period that runs until April 2 for retail investors. “From employees to businesses, we have received a massive surge of applications,” said a senior banker. “The retail demand that we are seeing is phenomenal, unprecedented.” “Applications will most likely cross 200,000. Demand is across the board in Dubai and Abu Dhabi and we expect it to be heavily oversubscribed by (end of) today itself.” Banks are reporting that demand for a DEWA stock allotment is such that the average loan size from a salaried individual is around Dh50,000. “This indicates a huge base level interest among UAE residents, but we are also seeing loans being taken for as much as Dh1 million by salaried account holders,” said the banker. In recent days, banks have been using all communication channels possible to get potential investors to consider taking a loan. Some residents are drawing funds from their credit cards to put up the funds needed to subscribe. (Retail investors will be allocated 8 per cent