Dubai Electricity and Water Authority (DEWA) has started trading on the Dubai Financial Market (DFM) under the ticker symbol ‘DEWA’.
DEWA commenced trading as the largest company on the DFM, with a market value of $33.8 billion, after pricing its shares at $0.68 per share last week. DEWA’s IPO raised $6.1 billion and sold 9 billion shares, or 18 percent of its total share capital, making it the largest IPO in the UAE and the largest in Europe, the Middle East, and Africa region so far in 2022.
The Government of Dubai continues to own 82 percent of DEWA’s share capital. The IPO was oversubscribed by 37 times, with strong demand across all tranches. To celebrate the listing, HE Saeed Mohammed Al Tayer, MD and CEO of DEWA, rang the market opening bell. Mr. Helal Al Marri, Chairman of DFM, Mr. Hamed Ali, CEO of DFM and Nasdaq Dubai, and other officials were present.
“Today’s listing on the Dubai Financial Market is the beginning of an exciting new chapter in DEWA’s growth story. DEWA has contributed and benefited from the Emirate’s strong development, as the exclusive provider of electricity and water services to a flourishing international city. The strong interest we have seen from institutional and retail investors reflects the confidence in DEWA as a globally leading utility company. We are proud to offer investors the opportunity to be a part of DEWA’s future as it supports Dubai’s growth and energy transition.”
Mr. Ali stated that “The IPO and listing of DEWA enable investors in general and income investors, in particular, to participate in the success story and growth of the dynamic utility sector, which is usually characterized by stability and sustainable growth. This significant listing, alongside other listings as part of the Government of Dubai’s plan to list ten companies, will improve the market width and depth and diversify investment opportunities.”
DEWA’s shares are traded within the Utilities Sector. No price limits have been applied to the shares during the first day of trading, as they will be applied from the second day of listing.
Related: DEWA raises IPO share offering to 18% following UAE SCA Approval