Dubai Utility DEWA More Than Doubles IPO Size to $5.7 Billion - Bloomberg
Dubai’s main power and water company increased the size of its initial public offering to as much as $5.7 billion, making it the emirate’s largest ever listing.
Dubai Electricity & Water Authority will now offer 8.5 billion shares, up from the 3.25 billion it initially planned to sell. The new offer represents a 17% stake and the deal could raise as much as 21 billion dirhams if shares are priced at the top end.
DEWA offered stock at 2.25 dirhams to 2.48 dirhams apiece last week. Books were covered within hours and the utility was considering raising the size of the IPO, Bloomberg reported on Friday. Wednesday’s decision to increase size of the offer is based on strong investor demand and oversubscription, the firm said.
The company could be valued at as much as $34 billion post the IPO, making it the biggest listed firm in Dubai and catapulting it into a list of the top 20 largest listed utilities.
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