Dubai raises Empower’s IPO size to 20% on strong investor demand – The National

Dubai raises Empower’s IPO size to 20% on strong investor demand – The National

Dubai has increased the size of the stake being sold through an initial public offering in Emirates Central Cooling Systems Corporation (Empower) to 20 per cent, citing strong investor demand and oversubscription of shares.

The selling shareholders, Dubai Electricity and Water Authority and Emirates Power Investment, increased the size from the previous 15 per cent and will now together sell two billion shares, up from 1.5 billion earlier, Empower said on Friday.

Dewa and Emirates Power Investment will own 56 per cent and 24 per cent of Empower’s existing share capital, respectively, following the offering.