DEWA IPO: Alpha Dhabi to Invest $100 Million in Dubai’s Utility Listing - Bloomberg
Alpha Dhabi Holding PJSC will invest $100 million in Dubai Electricity & Water Authority’s initial public offering, a person familiar with the matter said.
The 367 million dirham investment by Alpha Dhabi, one of the largest listed firms in the United Arab Emirates, is equivalent to 4.5% of the total DEWA shares on offer.
The utility is looking to raise as much as $2.2 billion in its initial public offering, in what would be Dubai’s biggest listing since DP World in 2007. The firm got demand that exceeded the number of shares on offer within hours of launching the deal, according to terms seen by Bloomberg.
The listing drew in six cornerstone investors in total, who agreed to subscribe for shares worth as much as $1.3 billion at the offer price.
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