Dubai’s Empower to raise IPO size to 20%

  • Date: 04-Nov-2022
  • Source: Khaleej Times
  • Sector:Financial Markets
  • Country:UAE
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Dubai’s Empower to raise IPO size to 20%

Decision to further increase the size of the IPO comes on the back of strong investor demand and oversubscription across all tranches

Published: Fri 4 Nov 2022, 8:14 PM Last updated: Fri 4 Nov 2022, 8:35 PM

Emirates Central Cooling Systems Corporation PJSC (Empower), today announces that, following approval from the Securities and Commodities Authority (SCA), Dubai Electricity and Water Authority PJSC (Dewa) and Emirates Power Investment LLC (Emirates Power), an indirectly wholly owned subsidiary of Dubai Holding LLC have exercised their right to further increase the number of shares offered in Empower’s initial public offering (IPO) from 1,500,000,000 ordinary shares to 2,000,000,000 ordinary shares.

This would result in an additional increase in the Offer Size from 15.0% to 20.0% of Empower’s share capital, with Dewa and Emirates Power continuing to own 56.0% and 24.0% of Empower’s existing share capital respectively following the Offering.

Empower has also received approval from the SCA to increase the size of the tranche reserved for qualified investors (defined as “Second Tranche” in the UAE Local Prospectus) from 14% (representing 1,400,000,000 shares) to 19% (representing 1,900,000,000 shares). The Retail Tranche (referred to as “First Tranche” subscribers in the UAE Prospectus) will remain unchanged at 100,000,000 ordinary shares.

The new offering