DEWA recently announced an increase in the size of IPO to 17%

On Tuesday, DEWA, Dubai Electricity & Water Authority, decided to increase the number of shares offered in its initial public offering (IPO) from 6.5 percent of its issued share capital to 17 percent of its share capital. This is approved by the UAE Securities and Commodities Authority (SCA).

Dubai Electricity and Water Authority (DEWA) is the exclusive provider of electricity and water services in Dubai. That handles water and electricity supply in Dubai. It provides citizens and residents with continuous and reliable electricity and water supply.

It could raise as much as $5.7 billion in the region’s biggest IPO since Saudi Aramco’s record share sale. And Seeking to Set it up as the largest listing in Europe and the Middle East in more than two years.

DEWA said it increased the size of the tranche reserved for institutional investors from 5.9% to up to 16.4%, while the tranches for retail investors and employees will remain the same.

About 7% of the total 17%, will be reserved for new strategic investors whose shares will be put through a lock-up period between 180 and 365 days. The company did not disclose the names of those investors.

The subscription period for the Dewa IPO remains unchanged and will close on April 2 for UAE retail investors and on April 5 for qualified domestic and international institutional investors.

Dewa is expected to list on the Dubai Financial Market on or around April 12.

This increase aims to help the Dubai stock market compete more effectively with bigger exchanges in the region, such as those in Saudi Arabia and neighboring Abu Dhabi.

Citigroup, Emirates NBD Capital, and HSBC are joint global coordinators, while Credit Suisse, EFG Hermes, First Abu Dhabi Bank PJSC, and Goldman Sachs are joint book runners.