“Dubai Electricity and Water” sets the price range and the start of the subscription period for its initial offering on the Dubai Financial Market

The listing makes it the largest company listed on the Dubai Financial Market in terms of market capitalization

Dubai Electricity and Water Authority, the exclusive provider of electricity and water services in the Emirate of Dubai and owner of the majority stake in the Emirates Central Cooling Systems Corporation (Empower), has announced the price range and the start of the subscription period for its initial public offering on the Dubai Financial Market.


price range

The authority stated in a statement that the price range for the offering shares was set from 2.25 to 2.48 dirhams per share, at a time when 3.25 billion shares would be available for public subscription, representing 6.5% of the total issued shares in the capital of Dubai Electricity and Water Authority, with the seller's shareholder retaining The right to increase the size of the offering at any time before the end of the subscription period, after obtaining the approval of the Securities and Commodities Authority.

All shares that will be offered for subscription represent a sale of existing shares owned by the Government of Dubai.


Subtraction size

According to the authority, the total volume of the offering is expected to range between 7.31 billion dirhams ($1.99 billion) and 8.06 billion dirhams ($2.19 billion), which means that the market value of the authority will range upon listing between 112.50 billion dirhams ($30.63 billion) and 124 billion dirhams. 00 billion dirhams ($33.76 billion), making it the largest company listed on the Dubai Financial Market in terms of market capitalization.


Subscription process

According to what was previously announced, subscription to the offered shares will be available to individual subscribers, other investors, and qualified employees of the Dubai Electricity and Water Authority group of companies, as part of the individual subscription in the UAE;

And for Qualified Investors and other investors in a number of countries including the UAE, and with the exception of the United States, as part of the Qualified Investors Offering.


Subscription period

The Authority pointed out that the subscription period begins on March 24 (yesterday), and continues until April 2, 2022 for subscription by individuals, and until April 5, 2022 for qualified investors.

The final offer price will be determined through a book-building process, which is expected to be announced on the second of April 2022.

The offering and listing of shares is currently expected to be completed on April 12, 2022, depending on market conditions, and obtaining relevant regulatory approvals in the UAE, including approval for listing and trading on the Dubai Financial Market.


opportunity for investors

Saeed Mohammed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority, said that the authority plays a pivotal role in the development process and the comprehensive economic renaissance of the Emirate of Dubai, and is a major supporter of its strategy to achieve carbon neutrality by 2050.

He added, "This offering is an important opportunity for investors to participate in a unique growth story that has been inspired by the unlimited ambition of Dubai and the UAE as a whole."

He continued: “Since announcing our intention to list on the Dubai Financial Market last week, we have received great interest from local and international investors who recognize our firm determination to lay the foundations for a sustainable future for the Emirate of Dubai.

This interest also reflects confidence in the Dubai Electricity and Water Authority, which keeps pace with the economic growth and population growth witnessed by Dubai, by developing a world-class competitive infrastructure, to consolidate Dubai's position as a global city, and to provide electricity and water services in accordance with the highest international standards in terms of availability, reliability and quality. And efficiency, with the application of a rational governance system on a global level that includes all the operations of the authority, at a time when we look forward to welcoming our new shareholders, after the official listing of the authority’s shares on the Dubai Financial Market in the coming weeks.”


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