The Dubai Electricity and Water Authority (DEWA) today announced the number of shares for subscriptions in its initial public offering, from 3.25 billion to 8.5 billion, after approval by the Securities and Exchange Commission. The percentage of shares available for trading after listing represents 17% of the total shares issued in its capital, and the authority points out in a statement that the Dubai government will retain 83% ownership of its capital.
It also noted that the Securities and Exchange Commission has approved the increase in the number of shares available to eligible investors (including new strategic investors) from 5.9% (up to 2925 million shares) to 16.4%. Company capital (i.e. up to 8175 million shares).
With the exception of new strategic investors, they will be barred from selling their shares for 180 to 365 days, increasing the offer percentage of the company’s total capital (including the previously announced key investor subscription percentage) by 6.5% to 10%.
It noted that there would be no change in the number of shares for the first and third installments to be allocated to the Authority’s individual subscribers and qualified staff.
He pointed out that the increase in the offer size was determined by the Dubai government, as a sales partner, which came in response to strong demand from investors and subscription coverage from all segments of the subscriber base.
He pointed out that there would be no change in the subscription period until April 2, 2022 for individuals and employees, and until April 5 for local and international investors.
Shares of the Dubai Electricity and Water Authority are listed and are expected to start trading in the Dubai Financial Market on or around April 12, 2022.
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