emirates news agency

DUBAI, 24th March, 2022 (WAM) — Dubai Electricity and Water Authority PJSC (DEWA or “the Company” or “the Group”), Dubai’s exclusive electricity and drinking water supplier and majority owner of Empower, on the largest district cooling operator by connected capacity, has announced the price range and the start of the subscription period for its initial public offering (IPO or the Offering) on ​​the Dubai Financial Market (DFM).

Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, ​​said: “DEWA has a vital role to play in the growth of Dubai’s economy and is essential to the emirate’s transition to net carbon emissions. zero by 2050. This initial public offering represents an opportunity for investors to participate in a unique growth story underpinned by the ambition of Dubai and the United Arab Emirates. Since announcing our intention to list on the market financial institution of Dubai last week, we received great interest from local and international investors who recognize our determination to shape a green future for Dubai.” “This interest also reflects confidence in DEWA, ​​which is keeping pace with Dubai’s expanding economy and population by developing competitive, world-class infrastructure to cement Dubai’s position as a global city and to provide electricity and water services in accordance with the highest global standards of availability, reliability, quality and efficiency, maintaining a world-class system of governance and a continuous record of good governance in the of its operations. We look forward to welcoming our new shareholders when we officially go public in the coming weeks.”

The Offer price range has been set between AED 2.25 and AED 2.48 per share.

A total of 3.25 billion shares, or 6.5% of DEWA’s existing shares, will be offered, with the Selling Shareholder reserving the right to increase the size of the Offer at any time prior to completion. of the subscription period at its sole discretion. subject to applicable laws and the approval of the Securities and Commodities Authority (SCA). All shares to be offered will represent the sale of existing shares held by the Government of Dubai.

The total offering size is expected to be between AED 7.31 billion (USD 1.99 billion) and AED 8.06 billion (USD 2.19 billion), implying a market capitalization at listing of between 112, 5 billion AED (30.63 billion USD) and 124 billion AED (33.76 billion USD), which would make DEWA the largest company in the DFM in terms of market capitalization.

As previously announced, the Offering is available to the following subscribers: individual and other investors and eligible DEWA employees (as defined in the UAE Prospectus) under the UAE Retail Offering and; to professional investors and other investors in a number of countries outside of the United States of America, including the United Arab Emirates, under the Accredited Investor Offering.

The subscription period for the IPO begins today and runs until April 2, 2022 for the UAE retail offer and until April 5, 2022 for the accredited investor offer.

The final offer price will be determined through a bookmaking process and is expected to be announced on April 6, 2022.

Closing of the offering and admission is expected to occur on April 12, 2022, subject to market conditions and receipt of relevant regulatory approvals in the UAE, including approval for listing and negotiation within the DFM.

The details of the Offer are available in the United Arab Emirates Prospectus relating to the Retail Offer in the United Arab Emirates and in the International English Offering Memorandum relating to the Offer to Qualified Investors. The UAE prospectus and international offering memorandum are available at www.dewa.gov.ae/ipo.

Translated by / Samar Mohamed Reda.


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