DEWA Increases IPO Size to 17%

Dubai Electricity and Water Authority (DEWA) has increased its initial public offering (IPO) size to 17% from 6.5%, the company said on Tuesday, meaning it could raise as much as $5.7 billion.

The state utility firm said in a statement it increased the size of the tranche reserved for institutional investors from 5.9% to up to 16.4%.

Excluding the New Strategic Investors, who are locked up for between 180 and 365 days, the deal (including previously announced cornerstones) increases from 6.5% to 10% of the company's share capital. The size of the retail and employee tranches will remain the same.

The new offering size was determined by the Government of Dubai as the selling shareholder, following Dewa's decision to set the offer price range per share between Dh2.25 and Dh2.48 per ordinary share on March 24.

The decision provided investors with a highly attractive value proposition that reflects the Government of Dubai's long-term confidence in Dewa's growth trajectory. It also reflected Dewa's prioritisation of supporting aftermarket trading performance post-listing.

The subscription period for the Dewa IPO remains unchanged and will close on April 2 for UAE retail investors and on April 5 for qualified domestic and international institutional investors.

Dewa is expected to list on the Dubai Financial Market on or around April 12.

This article was previously published on UAE Moments.To see the original article, click here