Empower sets the share offering price at 1.33 dirhams

The launch of Empower witnessed a great demand from investors.

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The Emirates Central Cooling Systems Corporation (Empower) announced yesterday setting the final price for its initial public offering at 1.33 dirhams per share, which is considered at the upper end of the price range, after the completion of the drafting of the subscription order book and the public offering process.

After its success twice in increasing the size of the offering, a total of two billion ordinary shares were offered, and this is equivalent to 20% of the total issued shares in Empower's capital, which brings total returns of about 2.7 billion dirhams to Dubai Electricity and Water Authority (DEWA) and Emirates Company. Power Investment (Emirates Power), wholly and indirectly owned by Dubai Holding Company (Dubai Holding) upon settlement.

Following the completion of the initial public offering of Empower, DEWA and Emirates Power will retain 56 percent and 24 percent of the company's current capital, respectively.

The offering witnessed a great demand from investors, as the total demand for the public offering amounted to more than 124.6 billion dirhams at the final offer price, which means that the subscription exceeded the shares offered by about 47 times for all segments combined at the final offer price.

The strong demand for the public offering confirms the attractiveness of Empower's investment offer, and also reflects the great confidence in the long-term growth prospects and the strong infrastructure of the Emirate of Dubai.

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