DEWA announces shares for less than Dh3 in IPO

  DUBAI – Individuals and investors can now buy shares in Dubai Electricity and Water Authority (DEWA) as it announced the price range and start of the subscription period for its initial public offering (IPO) on the Dubai Financial Market. “This IPO represents an opportunity for investors to participate in a unique growth story that is underpinned by the ambition of Dubai and the UAE,” said Saeel Mohammed Al Tayer, Managing Director and Chief Executive Officer of DEWA. The price range for the offering has been set at between Dh2.25 and Dh2.48 per share. A total of 3.25 billion shares, equivalent to 6.5 percent of DEWA’s existing shares, will be offered. The offering is available to individuals, other investors and eligible DEWA employees, including professional investors in a number of countries outside of the UAE and US. The IPO subscription period runs until April 2 for the UAE Retail Offering and April 5 for the Qualified Investor Offering. The final offer price will be determined through a book building process and is expected to be announced on April 6. The selling shareholder reserves the right to increase the size of the offering at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and approval of the Securities & Commodities Authority. All shares to be offered shall represent the sale of existing shares held by the Government of Dubai. The total offering size is expected to be between Dh7.31 billion and Dh 8.06 billion, implying a market capitalisation at listing of between Dh112.50 billion and Dh124 billion, which would make DEWA the largest company on the DFM by market capitalisation. The completion of the offering and Admission is expected to take place on April 12, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of Admission to listing and trading on the DFM. Details of the offering are available in www.dewa.gov.ae/ipo.
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