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.
