Dubai’s DEWA Falls Below IPO Price as Growth Woes Hit Mood
- Utility company was Dubai’s biggest listing back in April
- Stock trades without rights to next dividend on Wednesday
Dubai Electricity and Water Authority PJSC fell as much as 2.8% on Wednesday.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
Shares in Dubai’s main utility dropped below their initial public offering price for the first time, six months after the company raised $6.1 billion in the city’s biggest-ever listing.
Dubai Electricity and Water Authority PJSC fell as much as 2.8% to 2.47 dirhams on Wednesday, compared with the IPO price of 2.48 dirhams, as the stock traded without rights to the next dividend. More than 6.5 million shares were traded by 11:37 a.m. local time, with the average volume on the stock dwindling since it went public.