Dubai Defies Global IPO Gloom with $5.7 Billion DEWA Share Sale
- DEWA to raise $5.7 billion at the top end of price range
- IPO set to be the biggest in EMEA since Aramco listed in 2019
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Dubai’s main power and water company almost tripled the size of its initial public offering to as much as $5.7 billion, setting it up to be the largest listing in Europe and the Middle East in more than two years.
The city is seeking to take advantage of strong investor interest for new share offerings in the region even as equity markets around the world are roiled by Russia’s invasion of Ukraine, rising inflation and hawkish central bank policies. High oil prices have been a boon for the energy-rich Persian Gulf, however, allowing IPOs to go ahead while issuers elsewhere sit on the sidelines.