Landmark IPO in Dubai more than doubles in size heralding $5.7bn boost to region

Mark Battersby
clock • 3 min read

Dubai Electricity and Water Authority said on 30 March that following approval from the UAE Securities and Commodities Authority it had exercised its right to increase the number of shares offered in its initial public offering from 3.25bn ordinary shares to 8.5bn ordinary shares. The move will result in a free float of 17% of DEWA's share capital, with the Government of Dubai continuing to own 83% of DEWA's share capital. The enlarged tranche of shares is anticipated to raise as much as $5.7bn in what is the region's biggest IPO since Saudi Aramco's record $29.4bn listing in 2019. ...

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