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EFG Hermes concludes advisory on DEWA’s $6.1B IPO

EFG Hermes concludes advisory on DEWA’s $6.1B IPO

ArabFinance: The investment banking division of EFG Hermes Holding (HRHO) has completed advisory on Dubai Electricity and Water Authority’s (DEWA) $6.1 billion initial public offering (IPO) on the Dubai Financial Market (DFM), according to an emailed press release on April 12th.

The transaction follows EFG Herme’s successful advisory on ACWA Power’s IPO on Tadawul, ADNOC Drilling’s offering on the Abu Dhabi Securities Exchange (ADX), and Fertiglobe’s listing on the ADX.

Stated-owned DEWA listed 9 billion shares on the DFM, accounting for 18% of its share capital, at a price of AED 2.48 per share, implying a market capitalization of AED 124 billion.

DEWA’s IPO marks the largest ever in the Middle East since 2019 and the “first-of-its-kind” of a public company in Dubai.

Trading on DEWA’s shares has begun today under the ticker of (DEWA UH EQUITY).

This listing comes in line with Dubai’s plan to offer 10 state-owned companies on the DFM in 2022, with the aim to diversify the capital market by bringing the index’s market capitalization to AED 3 trillion ($816.86 billion).

Regarding the ADX, it witnessed nine IPOs in 2021, and expects the listing of 13 entities in 2022.

Listed on both the Egyptian Exchange (EGX) and the London Stock Exchange (LSE), EFG Hermes has a presence in 13 countries, including the UAE, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan.

The leading investment bank franchise in Frontier Emerging Markets (FEM) provides a wide range of financial services, including advisory, asset management, securities brokerage, research, and private equity to the entire MENA region.

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