DUBAI: The Dubai Electrical energy and Water Authority stated Wednesday it had raised 22.3 billion dirhams ($6.1 billion) for the Gulf’s second-largest IPO since 2019. The 18 % stake within the emirate’s state-owned DEWA is the largest IPO within the Gulf area since that of Saudi oil large Aramco.

Some 9 billion stocks will likely be indexed from April 12 at the Dubai inventory trade, with the associated fee set at 2.48 dirhams ($0.68). The deal, during which greater than 65,000 institutional and retail buyers participated, values the corporate at 124 billion dirhams ($33.9 billion), the remark stated.

The file for the most important public list within the Gulf, and on this planet, is held through Saudi oil corporate Aramco, which raised $29.4 billion through list 1.7 % of its stocks at the Riyadh Inventory Trade in December 2019. DEWA CEO Saeed Mohammed Al-Tayer stated the robust call for for the corporate’s stocks, which reached 315 billion dirhams ($85.7 billion), was once a testomony to “the beauty of Dubai as an international capital marketplace”.

The emirate, which is much less oil-rich than its neighbors, has various its economic system through that specialize in finance, tourism and industry. However it’s dealing with higher pageant within the area, particularly from Saudi Arabia, which may be looking for to cut back its dependence on hydrocarbons. – AFP