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Energy & Science

Dubai Utility Surges After Staging Year’s Second-Biggest IPO

  • DEWA rises 16% in Dubai debut after pricing IPO at top end
  • IPO is part of city’s plans to list 10 state-owned firms
Dubai Electricity & Water Authority Raises $6.1 Billion in Second-Biggest IPO This Year
Photographer: Christopher Pike/Bloomberg
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Dubai Electricity & Water Authority jumped in its trading debut after raising $6.1 billion in the world’s second-biggest initial public offering this year, kick starting a flurry of listings out of the city.

Shares of Dubai’s main utility soared as much as 23% before closing up 16% at 2.87 dirhams, giving it a market value of $39 billion. The stock priced at 2.48 dirhams per share in the IPO, which was the top end of the marketed range.