Dewa IPO: Dubai issues shares worth Dh22.3 billion

The Dubai Electricity and Water Authority’s (Dewa) initial public offering (IPO) has been overwhelmingly subscribed, attracting Dh315 billion worth of offers.

With 9 billion shares worth Dh22.3 billion, the IPO is now the largest in the Middle East and Europe since the beginning of 2022.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, said the IPO saw the participation of international sovereign and private funds as well as 65,000 individual investors.

Taking to Twitter, he said the Dewa IPO is the second-largest listing in the region and its success is a global vote of confidence in Dubai’s economy and a positive turning point for the local financial markets.

“Our goal is that the financial market reflects the strength and diversity of the economy,” Sheikh Maktoum said.