Dubai Financial Market: Dewa shares set to start trading on April 12 – News
The announcement comes as the utility provider raised 22.3 billion dirhams through the IPO by selling nine billion ordinary shares
The Dubai Electricity and Water Authority (Dewa) announced on Wednesday that its shares are expected to begin trading on the Dubai Financial Market (DFM) on April 12.
The announcement comes as the utility provider raised MAD 22.3 billion through the initial public offering by selling nine billion ordinary shares, representing 18% of Dewa’s issued share capital.
Dewa’s IPO has generated an overwhelming demand of 315 billion dirhams ($85.7 billion) from local, regional and international investors, excluding fundamental and strategic investors.
When it goes public, the company will have a market capitalization of Dh124 billion, which will make Dewa the largest company in the DFM in terms of market capitalization.
Dewa’s IPO order book was oversubscribed 37 times. Dewa has set the IPO price at Dh2.48 per share.
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Investors who participated in the UAE retail offering will be notified of their share allocation via text message on April 11, 2022. The company will trade under the ticker symbol “Dewa” on the local stock exchange.
Previously, Dewa increased allocations for institutional and retail investors following strong initial demand.
The Dubai government aims to list 10 public companies on the local stock exchange to raise the market capitalization to 3 trillion dirhams. Dewa is the first entity to go public among the 10 to be listed.