The IPO of the Dubai Electricity and Water Authority is open for subscription, marking the first decisive step in Dubai’s push to open up its stock markets to some serious action.
This will be the first new listing in Dubai since late 2020 and the biggest IPO on the Dubai Financial Markets since 2017. The DEWA offer price will be between 2.25 and 2.48 dirhams a share, valuing the company at between 112 billion to 124 billion dirhams.
The final offer price will be announced on April 6. The opening of subscriptions, according to analysts, will generate the biggest response yet for an IPO in Dubai.
A Gulf News report said the analysts cheered the pricing, saying that this will encourage all categories of investors. They also added that this improves the chances of the offer being heavily subscribed, with the share allotment expected to end within a few days because of the surge in demand. The strong set of results that was published by Dewa also expectedly sets up the utility giant for successful IPO, the analysts were further quoted in the report.