The IPO subscription period began on Thursday and will end on April 2 for retail investors and April 5 for Institutional Investors.
The Dubai Electricity and Water Authority (Dewa), which launched its Initial Public Offering (IPO) on Thursday, intending to raise Dh8 billion, is set to become the largest company on the Dubai Financial Market in terms of market capitalization, according to a statement issued on Thursday.
According to Dewa, the utility services provider set an indicative price range of Dh 2.25 to Dh 2.48 per share on Thursday, implying a total market capitalization of between Dh 112.5 billion and Dh 124 billion, making it the largest company in the Dubai Financial Market by market capitalization.
A total of 3.25 billion shares, equivalent to 6.5 percent of Dewa's existing shares, will be offered for sale in the largest IPO in Dubai in 15 years.
Dewa said in a statement on Thursday that the final offer price will be determined through a book-building process and will be announced on April 6, 2022.
The Initial Public Offering (IPO) subscription period, which began on Thursday, will last until April 2 for retail investors and until April 5 for institutional investors. On April 12, 2022, the stock is expected to be listed on the Dubai Financial Market.