The initial public offering (IPO) of the Dubai Electricity and Water Authority (Dewa) has been heavily subscribed, with offers totaling Dh315 billion. The IPO is now the largest in the Middle East and Europe since the beginning of 2022, with 9 billion shares valued at Dh22.3 billion. A total of nine billion ordinary shares were offered, representing 18% of Dewa’s issued share capital. This comprises about Dh13.8 billion in pledges from cornerstone and strategic investors.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, said the IPO saw the participation of international sovereign and private funds and 65,000 individual investors. He also asserted that His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, has succeeded in creating the most active, varied, and distinctive economy in the world, which is now reaping worldwide confidence and long-term growth in all sectors.
Saeed Mohammed Al Tayer, Managing Director & Chief Executive Officer of Dewa, commented, “We are delighted to have seen incredibly strong demand for Dewa shares from local and international investors. This level of interest is not only indicative of Dewa’s status as a world-class provider of utilities but also underlines the attractiveness of Dubai as a global capital market.” The Government of Dubai will continue to own 82% of Dewa’s share capital after the IPO is completed.