With the opening of the share subscription today, DEWA IPO has already attracted Abu Dhabi’s ADQ and Alpha Dhabi Partners who have committed to buy the shares together in the ‘qualified investor offering’ category of the IPO.
They have committed to Dh4.7 billion, and when allocated shares will be subject to a 180-day lock-up arrangement.
The other ‘cornerstone investors’ to sign up are Emirates Investment Authority, the UAE Strategic Investment Fund, the Multiply Group, and Investment Holdings Est.. (Cornerstone investors are those who commit to an IPO in advance for a fixed amount of money or for a fixed number of shares.)
The DEWA stock price will be confirmed on April 6, and the range given is between Dh2.25 to Dh2.48 a share.
The total offering size is expected to be between Dh7.31 billion and Dh8.06 billion, implying a market cap at a listing of between Dh112.50 billion and Dh124 billion. This would make DEWA the largest company on the DFM by market capitalization.
Saeed Mohammed Al Tayer, Managing Director, and CEO of DEWA announced that the IPO provides an opportunity for any investors interested to participate in this offering to grow according to the set ambition of Dubai as well as the UAE.
Furthermore, the IPO is witnessing the ever-growing interest from local and international investors in shaping a green future for Dubai.
