DEWA's $5.7 bln Dubai IPO oversubscribed at top end of range -sources | Reuters
Dubai Electricity and Water Authority's (DEWA) initial public offering (IPO), which could raise up to $5.7 billion, has seen heavy demand during its book-building process at the top end of the price, sources familiar with the matter said.
Books are "heavily oversubscribed" at top end of the an indicative price range of between 2.25 dirhams ($0.6126) and 2.48 dirhams, one of the sources said.
The final price will be determined next week as books close on April 5.
DEWA's public share sale is seen as potentially the biggest for the region since Saudi Aramco's (2222.SE) record $29.4 billion in 2019.
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