Empower Picks Citi, Emirates NBD, JPMorgan for Dubai IPO - Bloomberg
Emirates Central Cooling Systems Corp. is set to pick Citigroup Inc., Emirates NBD Bank PJSC and JPMorgan Chase & Co. as joint global coordinators to work on an initial public offering planned for later this year, according to people familiar with the matter.
Known as Empower, the company has been working with Emirates NBD and Moelis & Co., its financial advisers, to prepare a possible listing on the domestic stock exchange, the people said, asking not be named because the information is private.
Empower is one of 10 proposed privatizations in Dubai as part of the city’s plans to bolster its capital markets and catch up with regional rivals Abu Dhabi and Riyadh, which have both seen a flurry of listings in recent years. A spokesperson at Empower did not respond to requests for comment. Citi, Emirates NBD and JPMorgan declined to comment, while Moelis didn’t immediately respond.
The listing will test whether Middle Eastern investor appetite, a rare bright spot in an otherwise gloomy year for share sales, is holding firm. The city’s first disposal in April was a success, with Dubai Electricity & Water Authority valued at $6.1 billion in an IPO that was 37 times oversubscribed.
No comments:
Post a Comment