Shares of Dubai utility DEWA grow in the Middle East’s largest IPO since Aramco

A general view of the downtown area in Dubai, United Arab Emirates, 08 December 2021.

Satish Kumar | Reuters

DUBAI, United Arab Emirates – Shares of DEWA, ​​the Dubai Water and Electricity Authority, rose more than 20% when the giant utility began trading in the public market on Tuesday, marking the first mention of its kind in ‘ and region.

Shares were trading at 3.02 UAE dirhams (82 cents) in the first minutes of trading at the IPO price of 2.48 dirhams per share.

In March, DEWA announced its plan to sell a 6.5% stake by offering 3.25 billion shares in its public offering.

Prior to the announcement, the company said that more than 65,000 local, regional and international investors participated in the IPO, raising about $ 6.1 billion.

The utilities fleet is the largest mention ever in the UAE and the largest mention in the Middle East since Saudi state oil giant Aramco went public at the kingdom’s Tadawul exchange in 2019.

DEWA is the exclusive supplier of water, electricity and district cooling to Dubai’s 3.5 million local and foreign residents.

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