(MENAFN- Khaleej Times)
Published: Thu 24 Mar 2022, 2:29 PM
Last updated: Thu 24 Mar 2022, 3:49 PM
Dubai Electricity and Water Authority (Dewa) on Thursday announced the sale of its shares priced between Dh2.25 and Dh2.48 per share.
Priced attractively below Dh3 per share, both expat and Emirati investors, as well as institutional investors, can subscribe to the initial public offering (IPO).
Retail investors can subscribe to Dewa's shares through a number of local banks including Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Al Maryah Community Bank, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, Mashreq Bank and Sharjah Islamic Bank.
According to Dewa, retail investors can subscribe to shares until April 2, while institutional investors can subscribe till April 5.
“Since announcing our intention to float on the Dubai Financial Market last week, we have received strong interest from local and international investors that recognise our determination to shape a green future for Dubai,” said Saeed Mohammed Al Tayer, managing director and CEO of Dewa.
A total of 3.25 billion shares, equivalent to 6.5 per cent of Dewa's existing shares, will be offered for sale.
The final offer price will be determined through a book-building process and is expected to be announced on April 6, 2022. The stock is expected to be listed on the Dubai Financial Market on April 12, 2022.
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Emirates NBD Capital has been appointed as the financial advisor while Moelis & Company UK DIFC Branch has been appointed as the independent financial advisor to Dewa.
Citigroup Global Markets Limited, Emirates NBD Capital Limited and HSBC Bank Middle East Limited have been appointed as Joint Global Coordinators, and Credit Suisse International, EFG-Hermes UAE Limited, First Abu Dhabi Bank and Goldman Sachs International have been appointed as Joint Bookrunners.
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