Dubai’s DEWA Boosts Retail Offer in One of Region’s Biggest IPOs

(Bloomberg) -- Dubai’s main power and water utility increased the retail tranche of its initial public offering, which is poised to be the largest listing in Europe and the Middle East since Saudi Aramco in 2019. 

Government-owned Dubai Electricity & Water Authority said the retail offering has been increased to 760 million shares from 260 million shares due to significant demand. The company said that implies a deal size between $5.5 billion and $6.1 billion. Including the employee tranche, retail investors will represent 9.2% of the deal, according to DEWA. 

DEWA’s IPO is part of a wider program to liberalize and diversify Dubai’s economy. The emirate plans to list 10 state-owned companies in an effort to breathe new life into its shrinking market.

The company said the revised offering will result in a free float of 18% of DEWA’s share capital with the Government of Dubai owning the other 82%.

Read more: Dubai’s DEWA Set to Price $5.7 Billion IPO at Top End of Range

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