The IPO of this government facility is the first in 10 listings (Getty)
In the largest deal of its kind in Dubai since the initial public offering of shares DP World Year 2007, preparing Dubai Electricity and Water Authority (DEWA) To raise up to 8.05 billion dirhams, equivalent to 2.19 billion dollars, from an initial public offering of its shares.
The offering of the shares of this government facility is the first in 10 planned listings of government-related companies with the aim of reviving the local Dubai Stock Exchange. (One dollar = 3.6726 dirhams).
A company statement stated that “Dewa” set an indicative range for the subscription, today, Thursday, to sell 3.25 billion shares, or 6.5% of its shares, at a price between 2.25 and 2.48 dirhams per share.
The statement added that the assumed capital value of this valuation amounts to $33.76 billion, which will make DEWA the largest company listed on the Dubai Financial Market in terms of market value.
The statement added that the main shareholders of the company in the initial public offering will be the Emirates Investment Authority, the holding company “ADQ”, “Multi-Play Group”, “Alpha Partners” and Istithmar “Holding” with total investments of $1.3 billion.
Subscription for the initial public offering will begin today, Thursday, for institutions and individuals, and the company expects to list and trade its shares on the Dubai Financial Market, on April 12.
Mohamed Ali Yassin, chief strategist at Al Dhabi Capital, said that the turnout would be high, and he expected the success of the offering, adding, “If they sell 10% of the company, it will not be a surprise.”
DEWA stated that the shareholder making the sale, which is the government of Dubai, reserves the right to increase the size of the offering at any time before the end of the subscription period.
(Archyde.com)