The Dubai Electricity and Water Authority’s (DEWA) initial public offering (IPO) has raised $6.1 billion, Bloomberg reported on April 6th.
The state-owned utility company sold 9 billion shares at an AED 2.48 per share. The market value of DEWA reached $33.8 billion.
DEWA upped the offered stake to 18% from the initially announced 6.5%, reflecting a ravenous appetite for the stock.
The Dubaian government revealed that orders amounted to a total of $86 billion approximately. The orderbook was oversubscribed by 3700%.
The IPO was managed by Citigroup, Emirates NBD Bank, and HSBC Holdings. Bookrunners include Credit Suisse Group, EFG Hermes Holding (HRHO), First Abu Dhabi Bank, and Goldman Sachs Group.