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DEWA ups IPO to 17%; Offering’s value may approach $5.7B

DEWA ups IPO to 17%; Offering’s value may approach $5.7B

The size of the initial public offering (IPO) of Dubai Electricity and Water Authority (DEWA) increased significantly to 17%, equivalent to 8.5 billion shares, from 6.5%, brings the estimated value of the offering to $5.7 billion, Reuters reported on March 30th.

DEWA said it received approval from the UAE Securities and Commodities Authority (SCA) to increase the size of its IPO.

The utility company increased institutional investors tranche to 16.4% from 5.9%, including 7% reserved for strategic investors “whose shares will be subject to a lock up period between 180 and 365 days.”

Earlier in March, Bloomberg said that DEWA’s IPO is set to help it rank among the world’s biggest utility companies.

The offering of the Emirati state-owned utility company is set to be the biggest in Europe, Middle East, and Africa in 2022.

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