DUBAI, April 2 (Reuters) – Dubai utility DEWA said on Saturday it had nearly tripled the retail share of its IPO, taking the overall deal size to 22.32 billion dirhams (6. 08 billion dollars).
The retail tranche was raised to 760 million shares from 260 million shares due to “significant demand and oversubscription from retail investors,” it said in a statement. .
The public sale of Dubai Electricity and Water Authority (DEWA) shares, which will now offer 9 billion shares, is the largest to date in the emirate and is also set to become the largest in the region since the record $29.4 billion from Saudi Aramco in 2019.
Demand has been strong during the process of building books at the upper end of the price range, sources familiar with the matter told Reuters on Friday.
DEWA had previously increased the size of the institutional tranche.
The IPO aims to help the Dubai Stock Exchange compete more effectively with larger stock exchanges in the region, such as those in Saudi Arabia and neighboring Abu Dhabi.
Citigroup, Emirates NBD Capital and HSBC are global co-coordinators, while Credit Suisse, EFG Hermes, First Abu Dhabi Bank PJSC and Goldman Sachs are co-bookrunners.
($1 = 3.6726 UAE dirhams) (Reporting by Saeed Azhar; Editing by Alison Williams, Kirsten Donovan)