RIYADH: Alpha Dhabi Holding will invest $100 million in Dubai Electricity & Water Authority’s initial public offering, Bloomberg reported, citing a person familiar with the matter.
This investment by Alpha Dhabi, one of the largest UAE listed firms, represents 4.5 percent of the total DEWA shares on offer.
DEWA plans to raise up to $2.2 billion in Dubai’s first-ever IPO of a state-owned entity, in what also would be Dubai’s biggest listing since DP World in 2007.
The IPO comes as part of countrywide plans to list ten state-owned companies in a bid to revive activity on its stock market.
DEWA got demand that exceeded the number of shares on offer within hours of launching the deal, according to terms seen by Bloomberg.
Six cornerstone investors in total agreed to subscribe for shares worth $1.3 billion at the offer price, Bloomberg said.