List and start trading the shares of "Dubai Electricity and Water" in the financial market
“Dewa” .. the largest company listed in “Dubai Financial” with a market value of 124 billion dirhams
Today, the trading of the shares of the Dubai Electricity and Water Authority “DEWA” began on the Dubai Financial Market under the symbol “DEWA”.
With the completion of its listing, the Dubai Electricity and Water Authority has become the largest listed company in the market with a market value of 124 billion dirhams ($33.8 billion) based on its final offering price, which was set last week at 2.48 dirhams per share.
The offering included selling the company nine billion shares, representing 18% of its issued capital, bringing the total proceeds of the offering to 22.3 billion dirhams ($6.1 billion), with the Dubai government retaining a share representing 82% of the company’s issued capital, and the initial public offering of Dubai Electricity and Water Authority became The largest IPO ever in the history of the UAE capital markets, and the largest in the Europe, Middle East and Africa region since the beginning of 2022.
DEWA witnessed strong demand and exceptional demand for its shares from various investor segments, as it received subscription requests that exceeded the offered shares by 37 times (excluding core and strategic investors).
Saeed Mohammed Al Tayer, the Managing Director and CEO of Dubai Electricity and Water Authority, rang the bell to open trading in the Dubai Financial Market, to celebrate the listing, in the presence of the Chairman of the Board of Directors of the Dubai Financial Market, Hilal Al Marri, and the CEO of the Dubai Financial Market and Nasdaq Dubai, Hamed Ali, in addition to number of officials.
Al Tayer said: "Today's listing of Dubai Electricity and Water Authority on the Dubai Financial Market marks the beginning of a new chapter in the authority's success and growth story. I would like to extend my deepest thanks and appreciation to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, for their great support to the Authority.
Al Tayer added: “As the exclusive provider of electricity and water services in Dubai, DEWA has been a major contributor to the emirate's comprehensive development process, and an integral part of its booming economy.
The broad interest that we have witnessed from institutional and individual investors reflects the great confidence in the authority as a leading global utility company.
We are proud of providing the opportunity for investors to be part of the future of the authority and its important role in supporting Dubai’s growth and the transformation of the energy sector in the emirate.”
For his part, Hilal Al Marri, Chairman of the Dubai Financial Market Board of Directors, said: “We are pleased to welcome the listing of Dubai Electricity and Water Authority shares on the Dubai Financial Market, as this listing gives a great impetus to the market strategy aimed at diversifying sectors, through public offerings and listings of leading companies belonging to to various economic sectors, which enhances the presence of these sectors in the market, especially as they play a major role in economic growth in Dubai and the UAE.”
Al Marri stressed that this pivotal step is a reflection of the leadership’s vision and implementation of Dubai’s strategy aimed at developing its financial markets and enhancing its position as a vital global center for capital markets, stressing that this public offering reflects the great confidence that various companies place in the Dubai Financial Market, and what it provides to companies. It has a world-class infrastructure and regulatory infrastructure, advanced services, and a large and diversified investor base, which makes it the preferred choice for companies to implement public offerings, and to raise the necessary funds to implement growth strategies.
In the same context, the CEO of the Dubai Financial Market and Nasdaq Dubai, Hamed Ali, said that the offering of the shares of the Dubai Electricity and Water Authority, and its listing on the Dubai Financial Market, provides investors in general, and income investors in particular, the opportunity to participate in the success and growth of one of the most vital sectors. The public utilities sector is usually characterized by stability and sustainable growth.
He added: "Of course, this listing and the subsequent similar listings within the Dubai government's plan to offer 10 companies, will contribute to expanding and deepening the market, and diversifying investment opportunities.
We are optimistic about the future prospects of public offerings and listings in the market in light of the ongoing contacts with many companies seeking to expand and develop their businesses, driven by the growing confidence in the national economy, and enthusiastic to benefit from the many regulatory developments that have been introduced recently, which has enhanced the attractiveness of the market. And give these companies various alternatives to implement this strategic step.”
public utilities sector
public utilities sector
It is noteworthy that the shares of the Dubai Electricity and Water Authority were included in the public utilities sector, without applying the approved price limits for the movements of shares on the first day of trading, to be applied on the day following the listing, noting that the subscription price of the share amounted to 2.48 dirhams.
Follow our latest local and sports news and the latest political and economic developments via Google newsKeywords: