Dubai’s $25 Billion State Utility Picks Banks for Record IPO - Bloomberg
State-owned utility Dubai Electricity & Water Authority has picked banks to arrange what could be the biggest-ever listing in the Persian Gulf emirate, people with knowledge of the matter said.
DEWA has chosen Citigroup Inc., HSBC Holdings Plc and Emirates NBD Bank PJSC to lead the offering, the people said, asking not to be identified because the information is private. It is planning to seek a valuation of around $20 billion to $25 billion, according to one of the people.
Credit Suisse Group AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. are among the bookrunners that have been selected to work on the IPO, the people said.
The Dubai government said in early November that it wants to sell shares in 10 government-backed companies, part of a bid to revive trading volumes and catch up with rival exchanges in Abu Dhabi and Riyadh. It’s been encouraging private and family-owned businesses to follow suit to help deepen the capital market in the Middle Eastern financial center.
No comments:
Post a Comment