Dubai Electricity and Water Authority (DEWA), the state-owned power utility of Dubai (United Arab Emirates), has launched its initial public offering (IPO), planning to raise as much as AED8.1bn (US$2.2bn). The company intends to float 6.5% of its issued share capital to be listed on the Dubai Financial Market (DFM). DEWA offer price will range between AED2.25/share (US$0.61/share) and AED2.48/share (US$0.68/share), valuing the company at between AED112bn (US$30.5bn) to AES124bn (US$33.8bn). DEWA expects to trade the shares on the DFM as of 12 April 2022.
DEWA currently has 13.4 GW of installed power capacity (including 1.5 GW of solar PV) and provides electricity and potable water to Dubai's 3.5 m residents.