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Empower’s Dubai IPO Raises $724 Million After Pricing at the Top

  • Empower’s shareholders sell 2 billion shares at 1.33 dirhams
  • Empower IPO draws $34 billion in total investor orders
An Emirates Central Cooling Systems Corporation (EMPOWER) district cooling plant in Dubai, United Arab Emirates.

An Emirates Central Cooling Systems Corporation (EMPOWER) district cooling plant in Dubai, United Arab Emirates.

Photographer: Christopher Pike/Bloomberg

Emirates Central Cooling Systems Corp.’s initial public offering in Dubai raised 2.66 billion dirhams ($724 million) after pricing its shares at the top of a marketed range, with investors putting in $34 billion in bids in a show of continued appetite for Middle Eastern share offerings.

Shareholders Dubai Electricity & Water Authority PJSC and Emirates Power Investment sold 2 billion shares -- a 20% stake -- at 1.33 dirhams each, according to terms of the deal seen by Bloomberg News on Wednesday. The IPO of Empower, as the district cooling firm is known, was doubled in size to a 20% stake from 10% because of strong investor demand.