Dubai’s DEWA Raises $6.1 Billion in EMEA’s Biggest IPO Since 2019
- Utility DEWA prices 9 billion shares at 2.48 dirhams apiece
- IPO is the largest in Europe and Middle East since Aramco’s
The Hassyan power and water production complex, operated by the Dubai Electricity and Water Authority (DEWA), in Dubai, United Arab Emirates.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
Dubai’s main power and water company raised $6.1 billion in the world’s second-biggest initial public offering this year, defying a global slowdown in listings.
The government sold 9 billion shares in Dubai Electricity & Water Authority at 2.48 dirhams each, the top end of the range. That gives it a market value of $33.8 billion and makes it one of the world’s biggest utilities. The stock is expected to start trading in Dubai on April 12.