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Empower Announces Offer Price Range and Start of Subscription Period for Initial Public Offering

By District Energy posted 11-01-2022 09:13




Emirates Central Cooling Systems Corporation PJSC (“Empower” or the “Company”), the world’s largest  district cooling services provider and a clear leading player in the Dubai district cooling market with a targeted market share of approximately 80% of the total connected capacity by the end of 2022, announces the price range and start of the subscription period for its initial public offering (“IPO” or the “Offering”) on the Dubai Financial Market (“DFM”).

The price range for the Offering has been set at between AED 1.31 and AED 1.33 per share. The total Offering size is expected to be between AED 1,310m (c.US$ 357m) to AED 1,330m (c.US$ 362m), implying a market capitalisation at listing of between AED 13,100m (c.US$ 3,567m) and AED 13,300m (c.US$ 3,622m).

His Excellency Ahmad Bin Shafar, Chief Executive Officer of Empower, said:
“Empower has a proud history of pioneering sustainable cooling technology in the UAE and has played an integral role in supporting the growth of Dubai. As the largest district cooling provider in the world, Empower is inherently linked towards Dubai’s wider energy transition goals, including the Dubai Integrated Energy 2030 Strategy. Backed by strong Government policies as well as our leading district cooling services, we are confident in scaling practical and sustainable solutions that will benefit our wide customer base. Since announcing our intention to float on the DFM, we are extremely pleased to have received strong interest from investors. Amid Dubai’s expansion plans, a robust growth in residential real estate supply and a booming hotel capacity, we believe Empower presents a unique and attractive investment proposition for all investors.”

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