Dubai Financial Market welcomes IPOs raising over $56bln in 9 months

Dubai Financial Market welcomes IPOs raising over $56bln in 9 months

Dubai - The Dubai Financial Market (DFM) welcomed new initial public offerings (IPOs) worth AED 208.20 billion ($56.70 billion) during the first nine months (9M) of 2022.

These IPOs aim to support Dubai’s financial sector and advance its growth trajectory to realise more achievements that cement the emirate’s position as one of the key capital and business markets worldwide.

Following is a list of three IPOs listed on DFM during the January-September period of 2022.

In April 2022, the Dubai Electricity and Water Authority (DEWA) raised around AED 22.40 billion ($6.10 billion) through its IPO. State utility DEWA set the final offer price for its IPO at AED 2.48 per share, offering 9 billion ordinary shares, representing 18% of the issued capital.

DEWA's IPO was the largest offering in the UAE and the second largest in the Europe, Middle East, and Africa region since Saudi Aramco’s record IPO in 2019. DEWA began trading its ordinary shares on DFM on 12 April under the ticker DEWA UH EQUITY, implying a market capitalisation of AED 124 billion.

The listing of DEWA came in line with Dubai’s plans to make 10 state-owned companies go public to boost the capital market, bringing the index’s market capitalisation to AED 3