Empower IPO raises Dh2.66b after pricing at the top

Empower IPO raises Dh2.66b after pricing at the top

Emirates Central Cooling Systems Corp.’s initial public offering in Dubai raised Dh2.66 billion after pricing its shares at the top of a marketed range, with investors putting in $34 billion (Dh124.6 billion) in bids in a show of continued appetite for Middle Eastern share offerings. Shareholders Dubai Electricity & Water Authority and Emirates Power Investment sold two billion shares - a 20 per cent stake - at Dh1.33 each. The IPO of Empower, as the district cooling firm is known, was doubled in size to a 20 per cent stake from 10 per cent because of strong investor demand. The offering drew $34 billion in orders from local, regional, international and retail investors - about 47 times the original shares on offer including the cornerstones, the terms showed. Saeed Mohammed Al Tayer, Chairman of Empower, said: “To witness such incredible investor interest is deeply encouraging, and we believe it illustrates that Dubai is a thriving, dynamic international financial centre with real depth and growing demand to its capital markets. It also demonstrates Empower’s strong fundamentals and our company’s value proposition. A vital part of the entire financial ecosystem is the process by which companies raise capital, including by going public.