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Citi, HSBC Set to Share Up to $97 Million in Fees From DEWA IPO

  • Dubai to pay 1% underwriting commission to banks for IPO
  • DEWA raised $6.1 billion in second-biggest IPO of 2022
DEWA raised $6.1 billion in its IPO.

DEWA raised $6.1 billion in its IPO.

Photographer: Christopher Pike/Bloomberg

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Banks including Citigroup Inc., HSBC Holdings Plc and Emirates NBD Bank PJSC are set to share as much as 357 million dirhams ($97 million) in fees for working on the landmark initial public offering of Dubai’s main utility.