DEWA CEO Has No Plan to Sell More Stock, Eyes Empower IPO - Bloomberg video

DEWA CEO Has No Plan to Sell More Stock, Eyes Empower IPO - Bloomberg

The head of Dubai’s water and power company said the utility has no plans to sell more stock following a $6.1 billion initial public offering this month and aims to list its district cooling provider by the end of the year.

Dubai Electricity & Water Authority sold 18% of its shares in the world’s second-biggest IPO so far this year, receiving more than $85 billion of orders. The government-owned utility nearly tripled the amount of stock for sale due to high demand spurred by the company’s potential for expansion.

“As Dubai expands, DEWA foresees continuous growth in all our main lines of business,” Chief Executive Officer Saeed Mohammed Al Tayer said in a Bloomberg Television interview on Monday.

Profit will rise at least 1.4% to 7.4 billion dirhams ($2.01 billion) next year, he said in a separate interview.