Dubai Electricity and Water Authority (DEWA), the state-owned power utility of Dubai (United Arab Emirates), should raise AED22.3bn (US$6.1bn) in its initial public offering (IPO) launched in late March 2022. DEWA, which intended to float 8.5 billion ordinary shares, later raised the number of shares to be offered in the IPO to 9 billion, resulting in the free float of 18% of the company's share capital, and set the final price offer at AED2.48/share (US$0.68/share). The IPO was 37 times oversubscribed, attracting AED315bn (US$86bn) of demand.
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.
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