Dubai’s DEWA says increases IPO size to 17 percent, could raise as much as $5.7bn

 

DUBAI: Dubai Electricity and Water Authority (DEWA) has increased its initial public offering (IPO) size to 17 percent from 6.5 percent, the company said on Tuesday, meaning it could raise as much as $5.7 billion.

This could mark DEWA’s public share-sale as potentially the biggest for the region since Saudi Aramco’s record $29.4 billion in 2019.

The state utility firm said in a statement it increased the size of the tranche reserved for institutional investors from 5.9 percent to up to 16.4 percent, while the tranches for retail investors and employees will remain the same.

Dubai’s DEWA says increases IPO size to 17 percent, could raise as much as $5.7bn
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