Who are eligible and how to buy Dewa shares
- 24 Mar 2022
Gulf Today, Staff Reporter
Dubai Electricity and Water Authority PJSC (DEWA) formally announced its intention to float 6.5% of its issued share capital to be listed on the Dubai Financial Market (DFM).
As announced, the Offering is available to the following subscribers:
• to individual and other investors and to eligible DEWA employees (as defined in the UAE Prospectus) as part of the UAE Retail Offering and;
• to professional investors and other investors in a number of countries outside the United States of America, including in the UAE, as part of the Qualified Investor Offering.
The IPO subscription period starts today and runs until 2 April 2022 for the UAE Retail Offering and 5 April 2022 for the Qualified Investor Offering.
The final offer price will be determined through a book building process and is expected to be announced on 6 April 2022.
The completion of the Offering and Admission is currently expected to take place on 12 April 2022, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of Admission to listing and trading on the DFM.
Details of the Offering are available in the UAE Prospectus with respect to the UAE Retail Offering and the English-language International Offering Memorandum with respect to the Qualified Investor Offering. The UAE Prospectus and the International Offering Memorandum are available at www.dewa.gov.ae/ipo. There is also a dedicated IPO call centre number: 800-DEWA-IPO (800-3392476).
The price range for the Offering has been set at between Dhs2.25 and Dhs2.48 per share.
A total of 3.25 billion shares, equivalent to 6.5% of DEWA’s existing shares, will be offered, with the Selling Shareholder reserving the right to increase the size of the Offering at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and approval of the Securities & Commodities Authority (SCA). All shares to be offered shall represent the sale of existing shares held by the Government of Dubai.
The total Offering size is expected to be between Dhs 7.31 billion ($ 1.99 billion) and Dhs 8.06 billion ($ 2.19 billion), implying a market capitalisation at listing of between Dhs 112.50 billion ($ 30.63 billion) and Dhs 124.00 billion ($ 33.76 billion), which would make DEWA the largest company on the DFM by market capitalisation.
