Citi, HSBC Set to Share Up to $97 Million in Fees From DEWA IPO - Bloomberg
Banks including Citigroup Inc., HSBC Holdings Plc and Emirates NBD Bank PJSC are set to share as much as 357 million dirhams ($97 million) in fees for working on the landmark initial public offering of Dubai’s main utility.
Dubai Electricity & Water Authority raised $6.1 billion in its IPO, the second-biggest deal this year, ushering Dubai into the ranks of the world’s top listing venues. DEWA said the government, which sold an 18% stake in the utility, would pay a 1% selling commission for the IPO, as well as a discretionary fee of up to 0.6% of the deal size.
In its pricing statement, DEWA said the selling commissions would amount to 213.7 million dirhams. The three joint global coordinators -- Citi, Emirates NBD and HSBC -- will receive the vast majority of that amount, according to people familiar with the matter.
The rest will be split among the four joint bookrunners: Credit Suisse Group AG, EFG-Hermes, First Abu Dhabi Bank PJSC, and Goldman Sachs Group Inc., the people said, asking not to be identified as the information isn’t publicly available.
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