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UAE’s Empower invites investment banks to engage in IPO

UAE’s Empower invites investment banks to engage in IPO

Dubai-based district cooling provider Emirates Central Cooling Systems Corporation (Empower) has invited investors to take part in a planned initial public offering (IPO) set to be launched later 2022, Reuters reported on May 25th, citing informed sources.

Empower, a subsidiary of Dubai Electricity and Water Authority (DEWA), is expecting bids from investments banks for coordination roles for the IPO.

Sources revealed to Reuters that Empower’s financial advisor Moelis & Co submitted the request on behalf of the Emirati company.

The GCC region is witnessing a very active year for IPOs, with major regional companies generating billons of dollars from offerings.

In April, DEWA sold 9 billion shares at an AED 2.48 per share, which was the biggest offering in Europe, Middle East, and Africa in 2022.

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