Investors that participated in the UAE Retail Offering will be notified of their allocation of shares via SMS on 11 April 2022, today.
Dubai Electricity and Water Authority PJSC “DEWA” announced that following the completion yesterday of the book building and subscription process for its
initial public offering (“IPO”), it has set the final offer price for its IPO at AED 2.48 per share.
A total of 9 billion ordinary shares, representing 18% of DEWA’s issued share capital, were offered, which will generate approximately AED 22.3 billion (US$ 6.1 billion) of gross proceeds for the selling shareholder upon settlement. This includes commitments from cornerstone and strategic investors amounting to approximately AED 13.8 billion (US$ 3.8 billion). Following the completion of the DEWA IPO, the Government of Dubai will continue to own 82% of DEWA’s share capital.
Upon completion, the DEWA IPO will become the largest ever IPO in the UAE and the largest in Europe, the Middle East, and the African region so far in 2022. The offering saw strong investor demand and oversubscription for both the Qualified Investor Offering and the UAE Retail Offering. Total demand for DEWA shares amounted to AED 315 billion (US$ 85.7 billion). Excluding cornerstone and strategic investors, the order book for the IPO was 37 times
oversubscribed.
DEWA is expected to commence trading on the Dubai Financial Market (“DFM”) on 12 April 2022, under the symbol “DEWA” and ISIN “AED001801011”. Upon listing, the Company will have a market capitalization of AED 124 billion, which will make DEWA the largest company on the DFM by market capitalization.
