DEWA begins trading on Dubai Financial Market
Dubai Electricity and Water Authority (DEWA) started trading on the Dubai Financial Market on Tuesday under the ticker symbol “DEWA”, after pricing its shares last week at Dh2.48 per share.
DEWA opened the day’s trading as the largest company on the DFM, with a market capitalisation of Dh124 billion (US $33.8 billion).
DEWA said it sold 9 billion shares in its IPO, which represents 18 percent of its total share capital and raising $6.1 billion, making it the largest IPO in the UAE and the largest in the Europe, Middle East and Africa region so far in 2022.
The Government of Dubai continues to own 82 percent of DEWA’s share capital. DEWA said the IPO was oversubscribed by 37 times (excluding cornerstone and strategic investors), with strong demand across all tranches.
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