#Dubai's DEWA Raises $6.1 Billion in EMEA’s Biggest IPO Since 2019 - Bloomberg

Dubai's DEWA Raises $6.1 Billion in EMEA’s Biggest IPO Since 2019 - Bloomberg

Dubai’s main power and water company raised $6.1 billion in the biggest initial public offering in Europe and the Middle East in more than two years.

Government-owned Dubai Electricity & Water Authority sold 9 billion shares at 2.48 dirhams each, the top end of the range. That gives it a market value of $33.8 billion and makes it one of the world’s biggest utilities. The stock is expected to start trading in Dubai around April 12.

DEWA almost tripled the size of the stake it sold to 18%. It’s the latest sign of feverish appetite for share offerings in the Persian Gulf even as listings dry up in the rest of the world.

DEWA boosted the number of shares on offer amid high demand from both institutional and retail investors. Orders totaled almost $86 billion, according to the Dubai government.