Dubai’s DEWA boosts retail offer in one of region’s biggest IPOs

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 $5.5bn and $6.1bn. Including the employee tranche, retail investors will represent 9.2 per cent of the deal, according to DEWA.

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

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