Dubai Raises Empower IPO Size a Second Time on High Demand
- DEWA, Emirates Power plan to sell 20% stake in Empower
- Empower listing now set to raise as much as $724 million
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Dubai increased the size of Emirates Central Cooling Systems Corp.’s initial public offering for a second time this week after drawing strong investor demand.
Shareholders Dubai Electricity & Water Authority and Emirates Power Investment will now sell 2 billion shares -- a 20% stake -- in the IPO, according to terms of the deal obtained by Bloomberg News. The listing will now raise as much as 2.66 billion dirhams ($724 million).