UAE’s Utico eyes Dubai IPO amidst regional boom – Arabian Business

UAE’s Utico eyes Dubai IPO amidst regional boom – Arabian Business

UAE-based utility Utico FZC hired banks including Goldman Sachs, HSBC Holdings and Standard Chartered to advice on a potential IPO in Dubai this year, joining a steady stream of companies tapping the GCC equity markets.

The company is seeking a primary offering on the Dubai Financial Market and may consider a dual listing, according to a statement. Other banks involved in the IPO are Emirates NBD, First Abu Dhabi Bank and Citigroup.

As part of the process, the power and water utility is also planning a share buyback, it said.