DEWA announces offer price range and start of subscription period for IPO

DEWA announces offer price range and start of subscription period for IPO

Dubai Electricity and Water Authority PJSC (DEWA or “the Company” or “the Group”), the exclusive provider of electricity and potable water in Dubai and the majority owner of Empower, the world’s largest district cooling services operator by connected capacity, announced the price range and 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 & Chief Executive Officer of DEWA, said, “DEWA has a fundamental role to play in the growth of Dubai’s economy and is central to the Emirate’s transition to net zero carbon emissions by 2050.

This IPO represents an opportunity for investors to participate in a unique growth story that is underpinned by the ambition of Dubai and the United Arab Emirates.

Since announcing our intention to float on the Dubai Financial Market last week, we have received strong interest from local and international investors that recognise our determination to shape a green future for Dubai. ”

”This interest also reflects the confidence in DEWA, which keeps pace with Dubai’s expanding economy and population by developing a world-class competitive infrastructure to consolidate Dubai’s position as a global city and provide electricity and water services according to the highest global standards of availability, reliability, quality and efficiency, while maintaining a world-class governance system and continuous record of good governance across all its operations.

We are looking forward to welcoming our new shareholders when we formally list in the coming weeks.”

The price range for the Offering has been set at between AED 2.25 and AED 2.48 per share.

A total of 3.25 billion shares, equivalent to 6.5% of DEWA’s existing shares, will be offered, with the Selling Shareholder reserving the right to increase the size of the Offering at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and approval of the Securities & Commodities Authority (SCA).

All shares to be offered shall 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 (US$ 1.99 billion) and AED 8.06 billion (US$ 2.19 billion), implying a market capitalisation at listing of between AED 112.50 billion (US$ 30.63 billion) and AED 124.00 billion (US$ 33.76 billion), which would make DEWA the largest company on the DFM by market capitalisation.

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

The IPO subscription period starts today and runs until 2nd April 2022 for the UAE Retail Offering and 5th April 2022 for the Qualified Investor Offering.

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

The completion of the Offering and Admission is currently expected to take place on 12th April 2022, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of Admission to listing and trading on the DFM.

Details of the Offering are available in the UAE Prospectus with respect to the UAE Retail Offering and the English-language International Offering Memorandum with respect to the Qualified Investor Offering.

The UAE Prospectus and the International Offering Memorandum are available at www.dewa.gov.ae/ipo.

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