Blog Viewer

DEWA announces offer price range and start of subscription period for IPO

By District Energy posted 03-30-2022 16:41




Dubai Electricity and Water Authority PJSC (DEWA or "the Company" or "the Group"), the exclusive provider of electricity and potable water in Dubai and the majority owner of Empower, the world's largest district cooling services operator by connected capacity, announced the price range and start of the subscription period for its initial public offering (IPO or the Offering) on the Dubai Financial Market (DFM).

Saeed Mohammed Al Tayer, Managing Director & Chief Executive Officer of DEWA, said, "DEWA has a fundamental role to play in the growth of Dubai’s economy and is central to the Emirate’s transition to net zero carbon emissions by 2050. This IPO represents an opportunity for investors to participate in a unique growth story that is underpinned by the ambition of Dubai and the United Arab Emirates. Since announcing our intention to float on the Dubai Financial Market last week, we have received strong interest from local and international investors that recognise our determination to shape a green future for Dubai. '' ''This interest also reflects the confidence in DEWA, which keeps pace with Dubai’s expanding economy and population by developing a world-class competitive infrastructure to consolidate Dubai’s position as a global city and provide electricity and water services according to the highest global standards of availability, reliability, quality and efficiency, while maintaining a world-class governance system and continuous record of good governance across all its operations. We are looking forward to welcoming our new shareholders when we formally list in the coming weeks."

The price range for the Offering has been set at between AED 2.25 and AED 2.48 per share.

Continue Reading


1 view