Dubai district cooling company Empower is ready for IPO, subscription opens October 31

Dubai district cooling company Empower is ready for IPO, subscription opens October 31

Dubai: The district cooling company Empower is the next Dubai government owned enterprises to head into IPO mode, planning to sell 1 billion shares - representing 10 per cent of the capital - and with subscriptions opening October 31. The share price range is to be decided by book-building, something that two of the earlier three Dubai IPOs had done. The exception was the road-toll operator Salik, which set the price at Dh2. According to a public announcement, the Empower subscription period closes November 7. The minimum subscription amount for the retail investor tranche is Dh5,0000, and those deemed professional investors can start from Dh5 million. (The shares have a nominal value of 10 fils.) Recently, Empower said that in the event of an IPO, a minimum annual dividend of will be paid for two years through half-yearly instalments. D"ividends are one of the biggest highlights of Empower IPO," said Junaid Ansari, Head of Investment Strategy & Research at Kuwait-based Kamco Invest. "The association with DEWA is surely helpful, and in addition, the long-term contract nature of revenues in the district cooling business gives visibility to future revenues and profits, assuring investors of future financial performance of the company." Empower