Dubai’s Empower increases IPO stake size from 10% to 15%

Dubai’s Empower increases IPO stake size from 10% to 15%

Dubai’s Emirates Central Cooling Systems Corporation (Empower) has increased the number of ordinary shares offered in the initial public offering from one billion to 1.5 billion. The increase would result in a rise in the offer size from 10 to 15 per cent of Empower’s share capital. The company has set its offer price range at between Dhs1.31 and Dhs1.33 per ordinary share, and will the stake size increase, Empower plans to raise $543m. DEWA and Emirates Power will continue to own 59.5 per cent and 25.5 per cent of Empower’s existing share capital, respectively. The announcement was made following approval from the Securities and Commodities Authority (SCA), Dubai Electricity and Water Authority (DEWA) and Emirates Power Investment (Emirates Power). Empower has also received approval from the SCA to increase the size of the tranche reserved for qualified investors from 9 per cent (representing 900 million shares) to 14 per cent (representing 1.4 billion shares). The first tranche will remain unchanged at 100 million shares. The UAE retail offering subscription period is expected to run from October 31 until November 7, 2022, with the qualified investors subscription closing a day later. Empower is expected to commence trading on the Dubai