Utico has appointed Goldman Sachs, HSBC and Standard Chartered to study a potential initial public offering on the Dubai Financial Market. This year.
According to Arabiya Net, the company that specializes in providing electricity and water services has indicated that it is also considering a dual listing, in addition to repurchasing shares.
Emirates NBD, First Abu Dhabi Bank and Citigroup are participating in the offering.
Utico founder and managing director Richard Menezes said: As part of preparations for the IPO, changes are being made to the stocks as they are being pooled.
He added that talks are underway with a major fund and an investor to acquire the company 100% of its existing investors, and put it up for public subscription in the fourth quarter of this year.
The IPO boom in the Middle East continued to gain strength even as Russia's invasion of Ukraine, tightening central banks, and high inflation curtailed stock sales in the rest of the world. the scientist. The region has largely succeeded in avoiding the turmoil, backed by high oil prices and large stock flows into the Gulf markets.
Utico is part of the Abu Dhabi-based RMB Group, and its services include electricity, water, solar energy and waste water treatment.
