Dubai Electricity & Water Authority has invited banks to pitch for a role on an initial public offering that could value the utility at around $25 billion, people familiar with matter said.
DEWA has named Moelis as an adviser on what will likely be the city’s biggest listing yet, the people said. The company, owned by the Dubai government, will probably choose a mix of international and local banks, they said.
While Dubai firms are required to sell at least 25% of their shares in an IPO, DEWA may try to list a smaller amount at first, the people said.
DEWA and Moelis didn’t immediately respond to requests for comment.
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