Dubai Breaks Into World’s Top Five Listing Venues With DEWA IPO

Stock soared 16% in debut after listing raised $6.1 billion
Dubai plans to list a total of 10 state-backed companies

Dubai Electricity & Water Authority surged 16% in its debut. — Dubai Electricity & Water Authority surged 16% in its debut.
Photographer: Christopher Pike/Bloomberg

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By Julia Fioretti

April 12, 2022 at 1:05 PM UTC

This article is for subscribers only.

Dubai kicked off a string of planned privatizations on a positive note, with the blockbuster initial public offering of its utility catapulting the emirate into the world’s top five listing venues this year.

Dubai Electricity & Water Authority surged 16% in its debut after after a $6.1 billion IPO that’s the second-biggest this year globally. Dubai’s stock market is now in fifth place by listing proceeds, a turnaround for the bourse that’s barely seen any action since 2017.