Empower debuts listing and trading of its shares on DFM

Empower debuts listing and trading of its shares on DFM

DUBAI - Dubai Financial Market (DFM) today welcomed the successful listing of Emirates Central Cooling Systems Corporation (Empower). This is the fourth public offering and listing on the DFM in 2022 to date. It is part of the accelerating steps to implement Dubai’s strategy which aims to develop its capital markets.

Saeed Mohammed Al Tayer, Chairman of Empower, rang the DFM market opening bell to celebrate the listing, in the presence of Helal Al Marri, Chairman of the DFM, Ahmad Bin Shafar, Chief Executive Officer of Empower and Hamed Ali, CEO of the DFM and Nasdaq Dubai.

Shares began trading under the symbol “EMPOWER”, concluding the Company’s successful public offering that raised AED2.66 billion giving a market capitalisation of AED13.30 billion on admission with a share price of AED1.33 at the upper end of the floatation price range, noting that the Company has increased the size of the offering by 100% to cater to the strong demand that led to the IPO being covered on its first day.

Accordingly, the offering was oversubscribed by 47 times as it drew a total of AED124.69 billion. Empower shares trade within the Utilities Sector.

Chairman of Empower commented, “Thanks to the vision and directives of His Highness