UAE private utility major Utico eyes $810m Dubai stock market listing

UAE private utility major Utico eyes $810m Dubai stock market listing

Utico says its advisors are in negotiations to list the company through an IPO in Dubai later this year

Utico, the only private water and power company in the UAE, on Monday said it intends to list the company in 2021.

In a statement, Utico said its advisors were in negotiations to list the company through an AED3 billion ($810 million) valuation IPO in Dubai later this year.

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“It is a co-incidence that the government's decree that all private joint stock companies and international private companies which derive greater than 50 percent of their profits from the UAE to be listed in the local securities exchanges, and our own intent to list in the UAE is pleasantly in line with the vision of the country's leadership, said Richard Menezes, CEO of Utico.

Utico also said it plans to improve its offerings and bringing more products and services to the consumers and customers in line with its full spectrum circular economy sustainability business model.

Utico intends to list 20-30 percent of the company, Menezes (pictured below) said, adding that investors could expect a stable incremental dividend