The Historic Day DEWA Became The Largest Company To IPO In UAE History
A huge shout out to Dubai Electricity and Water Authority PJSC (DEWA), which has successfully listed on the Dubai Financial Market, and in doing so, has become the largest company on the exchange by market capitalisation!
April 12 was the landmark day that saw DEWA successfully become the largest IPO in the UAE, and also nabbing the title for the largest IPO in Europe, Middle East and Africa region so far in 2022 – an incredible scoop that will further empower and strengthen the UAE and Dubai’s equity capital markets.
On April 12, DEWA started trading on the Dubai Financial Market for the first time, here’s what you need to know
- The IPO was oversubscribed by 37 times, highlighting the clear demand and confidence in the company
- After pricing its shares last week at AED 2.48 per share, DEWA opened the day’s trading as the largest company on the DFM, with a market capitalisation of AED 124 billion (US$ 33.8 billion)
- 9 BILLION shares were sold, representing 18% of its total share capital
- AED22.3 billion was raised – the largest IPO ever in UAE history
- The remaining 82% is owned by the Government of Dubai
His Excellency Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA) celebrated the historic moment by ringing the market opening bell
Today’s listing on the Dubai Financial Market is the beginning of an exciting new chapter in DEWA’s growth story. I extend my thanks and gratitude to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, for their unlimited support to DEWA, which has become one of the leading companies regionally and globally. DEWA has been able to contribute and benefit 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 utilities company. We are proud to be able to offer investors the opportunity to be a part of DEWA’s future as it supports Dubai’s growth and energy transition.
