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Dubai’s DEWA Set to Price $5.7 Billion IPO at Top End of Range

  • Utility nearly tripled the deal size this week due to demand
  • IPO price range is 2.25 dirhams to 2.48 dirhams apiece
The Hassyan power and water production complex, operated by the Dubai Electricity and Water Authority (DEWA), in Dubai, United Arab Emirates.

The Hassyan power and water production complex, operated by the Dubai Electricity and Water Authority (DEWA), in Dubai, United Arab Emirates.

Photographer: Christopher Pike/Bloomberg

Dubai’s main power and water utility set price guidance for its initial public offering at the top end of its range to raise $5.7 billion, making it the largest listing in Europe and the Middle East since Saudi Aramco in 2019.

Government-owned Dubai Electricity & Water Authority told fund managers that orders below the top end of its price range risk missing out on the IPO. It is taking orders between 2.25 dirhams and 2.48 dirhams a share until April 5.