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DEWA’s offering raises $6.1B; Total value hits $33.8B

DEWA’s offering raises $6.1B; Total value hits $33.8B

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.

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