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Empower rises in Dubai trading debut after $724m IPO

By District Energy posted 11-16-2022 09:31

  

Gulf Business

Summary

Emirates Central Cooling Systems Corp. rose in its Dubai debut following an initial public offering that attracted $34bn in orders, underscoring the continued appetite for listings in the oil-rich Gulf.

Empower, as the district cooling firm is known, jumped as much as 9 per cent to Dhs1.45 ($0.39), valuing it at about $4bn. The shares later pared some gains to trade up 2.3 per cent Wednesday morning.

The Gulf has been one of the world’s most active IPO markets in 2022, a year otherwise marked by deep asset-sell-offs and fears of recession.

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