Subscription for the second tranche of qualified investors in the initial public offering of the Dubai Electricity and Water Authority "DEWA", which launched on March 24, 2022, will close tomorrow, Tuesday.
It is expected that the offering will be priced at a maximum of 22.3 billion dirhams, the largest public offering on the Dubai Financial Market, according to the UAE Gulf.
The subscription for the first tranches (individual subscribers) and the third tranche (eligible DEWA employees) closed on April 2, 2022, in response to strong demand and after receiving subscription requests from retail investors. Much more than the supply, the Dubai government, in its capacity as the selling shareholder, took a decision to increase the size of the segment of individual subscribers from 260 million shares to 760 million shares.
It is expected that the listing of Dubai Electricity and Water Authority shares and start trading on the Dubai Financial Market on or around 12 April.
Dubai Electricity and Water Authority has increased the number of shares available for subscription in its initial public offering twice since the announcement of its intention to list and offer 6.5% of its shares.
It increased the number of shares available for subscription in its initial public offering, from 3.25 billion shares to 8.5 billion shares, and then to 9 billion shares, which means that the shares that will be available for trading After listing, it will constitute 18% of the total issued shares in the capital of the Authority, with the Dubai government retaining ownership of 82% of its capital.
