Dubai: Empower announces IPO’s price per share

Dubai: Empower announces IPO’s price per share

Total offering size is expected to be as much as Dh1,330 million

By WAM Published: Mon 31 Oct 2022, 2:05 PM

Emirates Central Cooling Systems Corporation (Empower) has announced the price range and start of the subscription period for its Initial Public Offering (IPO) on the Dubai Financial Market (DFM).

The price range for the offering has been set between Dh1.31 and Dh1.33 per share, a company statement said on Monday.

The total offering size is expected to be between Dh1,310 million ($357 million) to Dh1,330 million ($362 million), implying a market capitalisation at a listing of between Dh13,100 million ($3,567 million) and Dh13,300 million ($3,622 million).

Based on the dividend policy approved by the Board of Directors, which is expected to be a minimum dividend amount of Dh850 million paid in 2023 or Dh0.085 per share, the offer price range implies a dividend yield within the 6.4% to 6.5% range.

The statement added that 10% of the total issued share capital of Empower (equivalent to a total of 1,000,000,000 shares) are being made available via the Offering, with the Selling Shareholders reserving the right to amend the size of the Offering at any time prior to the end of the subscription period at their sole