Dubai Raises Empower IPO Size by 50% on Strong Demand
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Dubai increased the size of Emirates Central Cooling Systems Corp.’s initial public offering by 50% after drawing strong investor demand, in line with a trend that’s seen the Middle East become a bright spot for listings globally this year.
Shareholders Dubai Electricity & Water Authority and Emirates Power Investment will now sell 1.5 billion shares -- a 15% stake -- in the IPO, Empower said in a statement on Tuesday. The listing will now raise as much as 2 billion dirhams ($543 million).