#Dubai cooling firm Empower invites banks to pitch for IPO -sources | Reuters

Dubai cooling firm Empower invites banks to pitch for IPO -sources | Reuters

Dubai's Emirates Central Cooling Systems Corporation (Empower) has invited investment banks to pitch for roles in its planned initial public offering, which is slated for later this year, two sources with direct knowledge of the matter said.

Empower, which is part owned by Dubai Electricity and Water Authority (DEWA) (DEWAA.DU), has asked banks to pitch for joint global coordinator roles and respond by next week, said the sources, declining to be named as the matter is not public.

The request was made by Moelis & Co (MC.N), which is acting as financial advisor on behalf of Empower, they said.

Empower and DEWA and Moelis did not immediately respond to requests for comment when contacted by Reuters on Wednesday.

District cooling firms deliver chilled water via insulated pipes to cool offices and industrial and residential buildings.

Dubai's deputy ruler, Sheikh Maktoum Bin Mohammed, in November announced plans to take 10 government-linked companies public to boost stock market activity. The ruler named Empower as part of those plans in December.