UAE IPO: Moelis Wins Role on Third Dubai Listing With Empower Mandate - Bloomberg
Emirates Central Cooling Systems Corp. picked Moelis & Co. to work on its initial public offering that’s planned for later this year, according to people familiar with the matter.
Known as Empower, the company has been working with Moelis on preparing a possible listing on the domestic stock exchange, the people said, asking not be named because the information is private. The next step will be to appoint book-runners for the share sale, they said.
A representative for Moelis declined to comment. A spokesperson for Empower’s 70% owner Dubai Electricity & Water Authority didn’t respond to requests for comment.
For Moelis, the Empower mandate is the third government-linked IPO win in Dubai this year. The New York-bank is already working on the IPO of toll-road operator Salik, Bloomberg previously reported, and was financial adviser to Dewa’s recently-completed $6 billion listing on the main Dubai stock exchange earlier this month.
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