Empower debuts listing and trading of its shares on the Dubai Financial Market

Empower debuts listing and trading of its shares on the Dubai Financial Market

- IPO part of Dubai’s plans to develop its capital markets

- Oversubscription level of 47x reflects deep confidence of the global investment community

- Total value of raised funds through IPOs on the market reached to AED 33.4 billion this year

- The four IPOs attracted a record level of subscribed funds totaled AED 659.2 billion

Dubai, UAE: Dubai Financial Market (“DFM”) today welcomed the successful listing of Emirates Central Cooling Systems Corporation PJSC (“Empower”), the world’s largest district cooling services provider and a clear leading player in the Dubai district cooling market.

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.

His Excellency Saeed Mohammed Al Tayer, Chairman of Empower rang the DFM market opening bell to celebrate the listing, in the presence of His Excellency 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 AED 2.66 billion giving a market capitalization of AED 13.30 billion on admission with a