Empower could be next Dubai company to list shares in IPO

Empower could be next Dubai company to list shares in IPO

Emirates Central Cooling Systems Corp. is set to pick Citigroup Inc., Emirates NBD Bank PJSC and JPMorgan Chase & Co. as joint global coordinators to work on an initial public offering planned for later this year, according to people familiar with the matter. Known as Empower, the company has been working with Emirates NBD and Moelis & Co., its financial advisers, to prepare a possible listing on the domestic stock exchange, the people said, asking not be named because the information is private. Empower is one of 10 proposed privatisations in Dubai as part of the city’s plans to bolster its capital markets. A spokesperson at Empower did not respond to requests for comment. Citi, Emirates NBD and JPMorgan declined to comment, while Moelis didn’t immediately respond. The listing will test whether Middle Eastern investor appetite, a rare bright spot in an otherwise gloomy year for share sales, is holding firm. The city’s first disposal in April was a success, with Dubai Electricity & Water Authority valued at $6.1 billion in an IPO that was 37 times oversubscribed. Real estate firm Tecom Group was oversubscribed 21 times during book building. Emirates NBD was involved in both of these floats, while