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
Saeed Al Tayer rang the opening bell of trading on the Dubai Financial Market to celebrate the listing.
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Yesterday, the trading of Dubai Electricity and Water Authority (DEWA) shares 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 capitalization 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 dollars), with the Dubai government retaining a share representing 82% of the issued capital of the company, and the initial public offering of the Dubai Electricity and Water Authority became The largest IPO ever in the history of the capital markets in the UAE, and the largest in the Europe, Middle East and Africa region since the beginning of 2022.
strong demand
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.
success story
Al Tayer said: "The 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."
great confidence
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 DEWA’s future and its important role in supporting Dubai’s growth and the transformation of the energy sector in the emirate.”
big thrust
For his part, Hilal Al Marri, Chairman of the Board of Directors of the Dubai Financial Market, 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 the economic growth in Dubai and the UAE.”
Al Marri stressed that this pivotal step is a reflection of the leadership’s vision, and an implementation of Dubai’s strategy aimed at developing its financial markets and enhancing its position as a vital 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 raise funds to implement growth strategies.
future optimism
In the same context, Hamed Ali, CEO of the Dubai Financial Market and Nasdaq Dubai, said, “The offering of 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 prominent sectors. vital, as 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 have enhanced the attractiveness of the market. And give these companies a variety of alternatives to implement this strategic step.”
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.
Dubai Electricity and Water Authority
Dubai Electricity and Water Authority was established in 1992 as a result of the merger of Dubai Electricity Company and Dubai Water Department.
Since then, DEWA has become the exclusive provider of electricity and water services in Dubai.
DEWA owns a 70% stake in the Emirates Central Cooling Systems Corporation (Empower), currently the largest provider of district cooling services in the world in terms of connected capacity.
Under its umbrella are a number of subsidiaries, including: Mai Dubai, the bottled water production and distribution company, DEWA Digital Company, the digital arm of the authority specialized in providing digital solutions for companies, and Etihad Energy Services Company (Etihad ESCO), which is specialized in developing and publishing solutions to improve efficiency Energy consumption.
Renewable energy sources currently contribute about 11.4% of the total operating capacity of electricity to the authority, which is the highest percentage of the energy mix in the region, compared to other regional service institutions.
Saeed Mohammed Al Tayer:
• «The listing is the beginning of a new chapter in the success and growth story of (the Authority), and the interest of investors reflects great confidence».
Hilal Al Marri:
• «The inclusion of (the Authority) shares gives a great impetus to the market strategy aimed at diversifying sectors».
Hamid Ali:
• «Expanding and deepening the market, and we are optimistic about the future prospects of public offerings and listings».
• The largest IPO ever in the UAE, and the largest in the EMEA region since the beginning of 2022.
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