The United Arab Emirates has just broken a new record in an IPO in the region. Dubai electricity and water supplier Dewa has announced a valuation of over $33 billion after signing the 2nd largest IPO by volume in the Gulf since 2019.
Dubai Electricity & Water Authority (DEWA) announces that it has raised 22.32 billion Emirati dirhams, or 6.1 billion dollars, since the company opened up 18% of its capital to the authorities of the Emirate of Dubai which hold it .
Following the IPO of Saudi oil giant Aramco which raised $29.4 billion by listing 1.7% of its shares on the Riyadh Stock Exchange at the end of 2019, Dewa is now the second company in the region to have raised such a large amount.
The operation saw the participation of 65,000 institutional and private investors, values the company at 124 billion Emirati dirhams or 33.9 billion dollars, indicates the company.
Nearly 9 billion shares of Dewa will be listed from April 12 on the Dubai Stock Exchange, with a starting price set at 2.48 Emirati dirhams (0.68 cents).
According to Dewa’s CEO, Saeed Mohammed Al Tayer, the strong demand for the company’s shares, which reached 315 billion Emirati dirhams (85.7 billion dollars), testifies “to the attractiveness of Dubai as a global financial center.