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25 Mar 2022

Dubai: DEWA to Consider Raising IPO Size to Meet Increasing Demand

The Index Today

The Dubai Electricity & Water Authority (DEWA) is set to possibly hike the number of shares to meet rising demand as the city announced its largest IPO in 15 years.

According to Bloomberg News, DEWA is awaiting official permission to sell more than the initial 3.25 billion shares. This comes after the government organization announced on Thursday its plans to sell 6.5% of its shares in order to raise up to $2.2 billion.

The IPO is set to make DEWA the largest firm in Dubai’s stock exchange as the city makes significant changes to its financial markets. As of now, it has already has six investors including Emirates Investment Authority and Abu Dhabi-based ADQ who have purchased shares worth up to $1.3 billion.

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