Bloomberg
Summary
Emirates Central Cooling Systems Corp.’s initial public offering in Dubai raised 2.66 billion dirhams ($724 million) after pricing its shares at the top of a marketed range, with investors putting in $34 billion in bids in a show of continued appetite for Middle Eastern share offerings.
Shareholders Dubai Electricity & Water Authority PJSC and Emirates Power Investment sold 2 billion shares -- a 20% stake -- at 1.33 dirhams each, according to terms of the deal seen by Bloomberg News on Wednesday. The IPO of Empower, as the district cooling firm is known, was doubled in size to a 20% stake from 10% because of strong investor demand.
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