Dubai’s Empower to sell 10% stake in IPO

Dubai’s Empower to sell 10% stake in IPO

Dubai government-owned district cooling company, Empower, is planning to sell 1 billion shares (10% stake), and subscriptions will open on October 31.

The share price range is yet to be decided. However, its offer price range will be announced on October 31, ahead of the opening of the subscription process.

The Empower subscription period closes on November 7. The minimum subscription amount for the retail investor tranche is Dhs 50,000 ($13,614) and those deemed professional investors can start from Dhs 5 million, Empower said.

Dubai's utility giant DEWA holds 70% in Empower.

Empower is the fourth state-linked firm to seek a listing this year, to attract investor interest in the local stock exchange and boost the size of its capital markets.

(Writing by Seban Scaria; editing by Daniel Luiz)

([email protected])

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2022