UAE Business: Empower nets $724m in IPO after pricing at the top of range – Gulf Digital News

UAE Business: Empower nets $724m in IPO after pricing at the top of range – Gulf Digital News

Emirates Central Cooling Systems Corporation (Empower) has announced the successful completion of the bookbuilding for its initial public offering (IPO), raising AED2.7 billion ($724 million) after pricing its shares at the top of a marketed range.

Following two successful upsize announcements, a total of 2 billion ordinary shares (equivalent to 20% of Empower’s total issued share capital) were offered, said a statement from Empower.

The offering saw significant investor interest with total gross demand for the IPO in excess of AED124.6 billion ($34 billion) at the final offer price, implying an oversubscription level of 47x times for all tranches combined at the final offer price. The Qualified Investor tranche attracted demand across the globe of AED105 billion implying an oversubscription level of 46x at the final offer price. The retail offering saw tremendous appetite from local investors with demand collected in excess of AED19.6 billion implying oversubscription levels of 49x. The overwhelming investor demand underlines Empower’s compelling investment proposition and reflects strong confidence in Dubai’s long-term growth prospects and critical infrastructure.

This will result in AED2.7 billion of gross proceeds for the main shareholders - Dubai Electricity and Water Authority (Dewa) and Emirates Power Investment (Emirates Power), an indirectly wholly owned subsidiary of