Deva’s subscription claims are 315 billion dirhams, with the participation of sovereign funds and the international investment portfolios.
With 9 billion shares worth 22.3 billion dirhams, DEWA is listed as the second largest in Middle Eastern history, and the company’s valuation is approaching 124 billion dirhams.
– Over 65,000, the number of individual investors participating in the offering and the number of shares available in the public offering are 9 billion shares, valued at 22.3 billion dirhams, representing 18% of the company’s capital … The Dubai government holds 82% of the company.
The final offer price was set at 2.48 dirhams.
– Exceptional arrival of local and international investors with 37 times the subscription demands (excluding key and strategic investors) in a new global confidence vote on Dubai’s economy and its promising future growth – Maktoum bin Mohammed: Mohammed bin Rashid’s vision of a more dynamic and diversified economy We are now reaping global confidence and sustainable growth in all our sectors.
Maktoum Bin Mohammed: Strong local, regional and global demand for DEWA stocks reflects the strength of our economy and the strength of our companies.
Maktoum bin Mohammed: The level of diversity of investors from individual investors and investment funds in the Deva IPO from the East and West of the world …
Our goal is for our financial markets to reflect the strength and diversity of our economy.
Dubai, April 6 / Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler, Deputy Prime Minister and Minister of Finance of Dubai and Chairman of the High Committee for the Development of Capital Markets and Transactions in Dubai, confirmed on a global scale. The Dubai Electricity and Water Authority’s confidence in the IPO reflects great confidence in the strong economic approach followed by Dubai, its flagship companies and its world-class infrastructure.
This came on the heels of the successful completion yesterday of the order book and subscription process for shares of the Dubai Electricity and Water Authority, which set the final offer price at 2.48 dirhams per share in its initial public offering.
Deva’s subscription demands reached world records, reaching 315 billion dirhams, the entry of sovereign funds and global investment portfolios and the value of the company close to 124 billion dirhams.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum stressed: “Muhammad bin Rashid’s vision to build a more vibrant, diversified and prosperous economy now reaps global confidence and sustainable growth in all our sectors.” The high initial public offering of shares of the company is a testament to the strength of Dubai’s economy, which stands on solid pillars and relies on a diverse economic base.
“Strong local, regional and global demand for DEWA stocks reflects the strength of our economy and the strength of our companies,” he said.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum explained that the comprehensive development vision adopted by the Supreme Committee for the Development of Financial Markets and Transactions aims to consolidate the leading position occupied by Dubai as one of the regional and most important financial markets. Worldwide by introducing multiple lists for a group of government agencies in trusted sectors.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum added: “The Deva IPO is a referendum on the level of diversity of investors from the East and West of the world, from individual investors and investment funds … Our goal is for our financial market to reflect the strength and diversity of our economy. “
He stressed that the Dubai Electricity and Water Authority is one of the key pillars of the emirate’s economy and a key contributor to the sustainable growth strategy, and that the company’s initial public offering will greatly contribute to the support of the Dubai financial market. Incentives for local and regional international companies who wish to list. In the market.
The number of shares available in the public offering reached 9 billion shares, valued at 22.3 billion dirhams, accounting for 18% of the company’s capital as the Dubai government holds 82% of the shares.
This is the new global referendum on Dubai’s economy and its optimistic future growth, with approximately 50% final allocation to non-UAE investors, including approximately 30% to international investors (excluding key and strategic investors).
For his part, DEWA MD & CEO Saeed Mohammed Al Dyer said: “We are pleased with the strong demand and exceptional demand for DEWA shares from local and international investors and are pleased that this will become the largest public offering, the largest in the United Arab Emirates and the region. Europe, the Middle East and Africa Since the beginning of 2022, this demand has been a strong testament to the unique components of enjoying power as a leading global utility, and confirms Dubai’s position as the capital to attract the global market. The Electricity and Water Authority is committed to achieving its strategy of focusing on achieving sustainable value for the benefit of all stakeholders by meeting the Commission’s continuing and growing demand for electricity and water services in Dubai and Support Emirate’s efforts to transition to renewable and sustainable energy sources in line with the objectives of Dubai Clean Energy Strategy 2050 and Dubai Carbon Neutrality Strategy 2050. Based on the high demand from investors, the Dubai government, as a selling partner, has set a final offer price of 2.48 AED per share.
The total number of shares available for subscription to the Dubai Electricity and Water Authority’s initial public offering is 9,000,000,000 ordinary shares, which is 18% of the total shares issued in the Authority’s capital, which will ensure a return of 22.3%. Billions of dirhams ($ 6.1 billion) in support of the shareholder selling after the settlement.
This includes the liabilities of key and strategic investors of about 13.8 billion dirhams (US $ 3.8 billion). Upon completion of the offering, the Dubai Government will retain 82% of the Authority’s capital.
Upon completion, DEWA’s IPO will be the largest IPO ever in the UAE and the largest IPO in the EMEA region since the beginning of 2022.
The offer saw a strong contribution, and the subscription demands were higher than the shares offered by qualified investors and individual subscribers.
The total demand for the commission’s shares is 315 billion dirhams ($ 85.7 billion). Excluding fundamental and strategic investors, the authority saw strong demand in the subscription order book, which exceeded 37 times the distribution of shares.
Shares of the Dubai Electricity and Water Authority are expected to begin trading on the Dubai Financial Markets on April 12, 2022 under the “DEWA” code and international rating / ISIN / “AED001801011”. When the listing process is completed, the market value of the Commission will reach 124 billion dirhams, making it the largest company listed on the Dubai Financial Market in terms of market value.
It is to be noted that the final allotment results of the shares to the subscribed investors in the retail segment will be announced via SMS on April 11, 2022.
This is the first time that the Dubai Electricity and Water Authority’s initial public offering, as part of its strategy, has announced the inclusion of 10 government and quasi-government companies in the Dubai Financial Market, the Supreme Committee for the Development of Financial Markets and Transactions. Ensuring Dubai’s leading finance position as the most important financial institution, accelerating its growth to achieve unprecedented, more achievements and successes, to take a wide range of measures and policies to unparalleled support for the financial sector within the emirate. And trade markets in the world.
– ML –
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