UAE’s Utico Hires Banks for Share Sale, Joining Dubai’s IPO Push - Bloomberg
United Arab Emirates-based utility Utico FZC hired banks including Goldman Sachs, HSBC Holdings and Standard Chartered to advise on a potential IPO in Dubai this year, joining a steady stream of companies tapping the Gulf equity markets.
The company is seeking a primary offering on the Dubai Financial Market and may consider a dual listing, according to a statement. Other banks involved in the IPO are Emirates NBD, First Abu Dhabi Bank and Citigroup.
As part of the process, the power and water utility is also planning a share buyback, it said.
“As part of the IPO preparations, shareholding changes are underway where consolidation is ongoing,” said Richard Menezes, founder and managing director of Utico. “Talks are ongoing with a major fund and an investor to acquire the firm 100% from its current investors and take it for an IPO in Q4 this year.”
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