The Dubai Financial Market is awaiting the fourth government offering during the month of November, as the Emirates Central Cooling Systems Company (Empower) intends to organize an initial public offering in Dubai, aiming to raise up to 700 million dollars.
The organizers of Empower's offering in the Dubai market hope that the company will be listed on the stock exchange during the month of November.
Sources told Bloomberg that Empower held initial meetings with investors to attract interest.
The (Empower) offering will be the fourth government offering in the Dubai market as part of the emirate's plans to strengthen the capital markets and its position as a financial center.
The sources added that the details of the initial public offering such as the size and timing are still preliminary and subject to change, and added that (Empower) may decide to proceed with the listing at the beginning of 2023 instead of next November.
Empower, which was founded nearly two decades ago, is 70 percent owned by the Dubai Electricity and Water Authority, which was listed earlier this year in a $6.1 billion bid. It is the largest district cooling services provider in the world, with a market share of nearly 80% in Dubai.
Empower achieved a net profit of 432 million dirhams from revenues of 1.15 billion dirhams in the first half of this year, an increase of 11% over the previous year.
The Dubai market's most recent initial public offering, a $1 billion offering for the city's road service operator Salik, generated a whopping $50 billion in orders.
