After increasing the number of individuals, the public offering of the Dubai Electricity and Water Authority could raise $6.08 billion.
Dubai, United Arab Emirates (Reuters)-Dubai, the capital of the United Arab Emirates (Reuters)-The Dubai Electricity and Water Authority (DEWA) announced on Saturday that it had nearly tripled the number of individual subscribers in its initial public offering (IPO), bringing the total subscription volume to 22.32 billion dirhams ($6.08 billion).
Due to high demand and exceeding the specified volume of subscriptions from individual investors, the number of individual subscribers increased to 760 million shares from 260 million, according to a statement.
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DEWA’s initial public offering, which will now include nine billion shares, is the emirate’s largest to date and is expected to be the region’s largest since Saudi Aramco’s record $29.4 billion IPO in 2019.
On Friday, informed sources told Reuters that demand is high at the upper end of the price range as the subscription order book is being built.
DEWA had previously increased the institutional segment’s size.
The stock exchange’s decision to list the company’s shares aims to help the Dubai Financial Market (DU:DFM) compete more effectively with larger exchanges in the region, such as those in Saudi Arabia and Abu Dhabi.
The joint global coordinators are Citigroup (NYSE:C), Emirates NBD Capital, and HSBC, while the joint book managers are Credit Suisse, EFG Hermes (CA: HRHO), First Abu Dhabi Bank, and Goldman Sachs (NYSE:GS).
(One dollar equals 3.6726 dirhams in the UAE.)
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