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Home»News»Deva is the largest listed company in Dubai Financial with a market value of 124 billion dirhams.
سعيد الطاير قرع جرس افتتاح التداول في سوق دبي المالي احتفالاً بالإدراج.   وام
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Deva is the largest listed company in Dubai Financial with a market value of 124 billion dirhams.

Nadia BarnettBy Nadia BarnettApril 13, 2022No Comments5 Mins Read
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Yesterday, shares of the Dubai Electricity and Water Authority (DEWA) traded on the Dubai Financial Markets under the brand name “DEWA”.

Upon completion of its listing, the Dubai Electricity and Water Authority has become the largest listed company in the market with a market capitalization of 124 billion dirhams ($ 33.8 billion) based on its final offer price of 2.48 dirhams last week. Share.

The sale of nine billion shares of the company, which represents 18% of the capital provided, brought the total revenue to 22.3 billion dirhams ($ 6.1 billion), and retained 82% of the capital issued by the Dubai government. The initial public offering by the company and the Dubai Electricity and Water Authority became the largest IPO ever in the history of the capital markets in the United Arab Emirates and the largest IPO in Europe, the Middle East and Africa region since the beginning of 2022.

Strong demand

DEWA saw strong demand and exceptional demand for its shares from various investor segments as it received 37 times more subscription requests than the allotted shares (excluding key and strategic investors).

Saeed Mohammed Al Thayer, Managing Director and Chief Executive Officer of the Dubai Electricity and Water Authority, rang the bell to start trading in the Dubai Financial Market in the presence of the Chairman of the Board of Directors of the Dubai Financial Markets. , Hilal Al Marri, and Hamad Ali, CEO of Dubai Financial Market and Nasdaq Dubai, in addition to the number of officers.

Success story

Al Dyer said: “The list of the Dubai Electricity and Water Authority in the Dubai Financial Market marks the beginning of a new chapter in the success and development story of power.”

Great hope

Al Tayer added: “As a dedicated supplier of electricity and water services in Dubai, DEWA has been a key contributor to the comprehensive growth process in the United States and is an integral part of its growing economy. We are proud to offer investors a part of DEWA’s future and its key role in supporting Dubai’s growth and the transformation of the energy sector in the Emirate.

Great motivation

For his part, Hilal Al Marri, Chairman of the Board of Directors of the Dubai Financial Market, said: “We are pleased to welcome the listing of shares of the Dubai Electricity and Water Authority in the Dubai Financial Market as this list provides great inspiration and aims to diversify sectors through public offerings and lists of leading companies from various economic sectors. Market strategy, which enhances the presence of these sectors in the market, especially as they play a key role in Dubai’s economic growth.

Al-Marri stressed that the key move was a reflection of the leadership’s vision and implementation of Dubai’s strategy aimed at improving its financial markets and improving its position as a key hub for the capital markets. Companies have a place in the Dubai Financial Market and what it offers to companies. It has world-class infrastructure and regulatory infrastructure, advanced services and a large and diversified investor base, making it a preferred choice for companies to implement public offerings. Raise funds to implement development strategies.

Hope for the future

In the same context, Hamad Ali, CEO of Dubai Financial Market and NASTAC Dubai, said: In particular, since the public utility sector is generally characterized by stability and sustainable growth, the opportunity to participate in the success and development of one of the most important sectors is important.

He added: “Of course, this listing and similar lists in the Dubai Government’s plan to provide 10 companies will contribute to the expansion, deepening and diversification of the market. And we are optimistic about the future prospects of the listings.The recent developments have enhanced the attractiveness of the market and provide various alternatives to these companies to implement this strategic move.

Department of Public Utilities

It is noteworthy that the shares of the Dubai Electricity and Water Authority have been added to the public utility sector and must be applied for on the first day of the listing, without applying the approved price limits for the movements of the shares on the first day of trading. The subscription price of the stock is 2.48 dirhams.

Dubai Electricity and Water Authority

The Dubai Electricity and Water Authority was established in 1992 as a result of a merger between the Dubai Electricity Board and the Dubai Water Department. Since then, DEWA has become the exclusive provider of electricity and water services in Dubai.

DEWA holds a 70% stake in Emirates Central Cooling Systems Corporation (Empower), currently the world’s largest district cooling service provider in terms of connected capacity.

Under its umbrella are several subsidiaries: Mai Dubai, a bottled water production and distribution company, DEWA Digital Company, the digital division of the Authority that specializes in providing digital solutions to companies, and Etihad Energy Services Company (Etihad ESCO), which specializes in developing and publishing solutions to improve energy consumption performance. .

Renewable energy sources currently account for about 11.4% of the total operating capacity of the power plant, which is the highest percentage of the energy mix in the region compared to other regional service providers.

Saeed Mohammad Al Thayer:

“The list is the beginning of a new chapter in the (power) success and growth story, and investor interest reflects great optimism”.

Hilal al-Marri:

«« Adding (power) stocks provides great impetus for a market strategy aimed at diversifying sectors.

Hamid Ali:

We look forward to expanding and deepening the market and future opportunities for public offerings and listings.

மிகப்பெரிய The largest IPO ever in the United Arab Emirates and the largest IPO in the EMEA region since the beginning of 2022.

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Nadia Barnett

"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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