Dubai Electricity and Water Authority has started trading on the Dubai Financial Market under the ticker symbol 'Dewa'. 

 

After pricing its shares last week at AED2.48 per share, Dewa opened the day's trading as the largest company on the DFM, with a market capitalisation of AED124 billion ($33.8 billion).

 

To celebrate the listing, MD and CEO Saeed Mohammed Al Tayer rang the market opening bell in the presence of senior DFM officials - Chairman Helal Al Marri, CEO Hamed Ali and Nasdaq Dubai and other officials.

 

Dewa had sold 9 billion shares in its IPO, representing 18% of its total share capital, and raised a total amount of AED22.3 billion ($6.1 billion), making this the largest IPO in the UAE and the largest in Europe, Middle East and Africa region so far in 2022.

 

Dubai government continues to own 82% of Dewa's share capital. The IPO was oversubscribed by 37 times (excluding cornerstone and strategic investors), with strong demand across all tranches.

 

Al Tayer said: "Today's listing on the DFM is the beginning of an exciting new chapter in Dewa's growth story. We have 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 utilities 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," he added.

 

Al Marri said DFM's ultimate objective was to increase the representation of dynamic economic sectors that play a pivotal role in the economy of Dubai and the UAE.

 

"Additionally, the new IPO and listing clearly indicates issuers' deep confidence towards DFM and its world-class regulations, infrastructure and services. It also bolsters DFM's leading position as the most favoured exchange for businesses looking to go public and raise necessary funds to implement their growth strategies," he observed.

 

Ali said the IPO and listing of Dewa enables investors in general and income investors, in particular, to participate in the success story and growth of the dynamic utilities sector, which is usually characterised by stability and sustainable growth. 

 

"This significant listing, alongside other listings as part of Dubai's plan to list ten companies, will improve the market width and depth and diversify investment opportunities," he noted.

 

"We are also upbeat about the outlook of IPOs and listings on DFM given our ongoing discussions with numerous companies that are seeking to expand their business supported by the growing confidence in the national economy and the widespread regulatory developments that have greatly augmented market attractiveness by offering potential issuers various listing options," he added.-TradeArabia News Service