Dubai's DEWA shares soar in Gulf's biggest IPO since 2019 / Photo: Giuseppe CACACE - AFP
-
Municipal Elections: How Service Failure Becomes a Public Health Crisis in South Africa
-
Turkish Energy Minister Highlights Qatar as Key Partner for Regional and Global Energy Security
-
Rene Eyre Revisits Autobiographical Performance 'Say A Little Prayer' in London
-
London Museum Granted 24/7 License Ahead of November Opening
-
UAE's HCT Holds Record Graduation and Announces Major Training Expansion
-
Dana White Confirms Flight to Washington for Trump Meeting on Press Secretary Role
-
NASA Awards $10B Lunar Contract Framework to SpaceX, Blue Origin
-
Dengue Fever Expands Into High Himalayas as Climate Change Warms Nepal
-
Katy Perry Tells Fans Ex-Husband Russell Brand 'Should Be in Jail' During UK Concert
-
IoT Refrigerator Hacks Disrupt Blood Labs and Supermarkets Across Europe and US
-
South African election results renew debate over identity-based voting
Dubai's DEWA shares soar in Gulf's biggest IPO since 2019
Shares in the Dubai Electricity and Water Authority rose nearly 16 percent on Tuesday in the Gulf region's biggest initial public offering since Saudi oil giant Aramco in 2019.
DEWA shares soared 19 percent in the first minutes of trading before closing up 15.72 percent at 2.87 dirhams ($0.78), as the Dubai stock exchange was down 0.5 percent.
The Dubai-owned utility last week said it had raised 22.3 billion dirhams ($6.1 billion) in the Gulf's largest IPO since Aramco's world-record flotation.
Some nine billion shares, an 18 percent stake, were listed, with the initial price set at 2.48 dirhams ($0.68).
The deal, in which more than 65,000 institutional and retail investors participated, values the company at 124 billion dirhams ($33.9 billion), the company said.
The record for the largest public listing in the Gulf, and in the world, is held by Aramco, which raised $29.4 billion by listing a 1.7 percent stake on the Saudi Stock Exchange in December 2019.
The emirate of Dubai, which lacks the large oil reserves boasted by some of its neighbours, has diversified its economy by focusing on finance, tourism and trade.
But it is facing increased competition in the region, notably from Saudi Arabia, which is also seeking to reduce its dependence on oil and gas.
M.A.Vaz--PC
