Empower may raise as much as $362 million from sale of 10% stake – The National

Empower may raise as much as $362 million from sale of 10% stake – The National

Dubai aims to raise up to Dh1.33 billion ($362 million) from the sale of a 10 per cent stake in Emirates Central Cooling Systems Corporation, better known as Empower, as it looks to boost the size of its capital markets.

Empower, the emirate's district cooling provider, set the price range for its initial public offering between Dh1.31 and Dh1.33 a share, implying a market capitalisation of between Dh13.1bn and Dh13.3bn at the time of listing, it said on Monday.

The Dubai Electricity and Water Authority and Emirates Power will together offer one billion shares in Empower, reserving the right to amend the size of the offering at any time before the end of the subscription period, the company said.