- Dubai intends to issue 10% of Empower (Emirates Central Cooling Systems Corporation) in an IPO.
- The 10% stake, or 1 billion shares, will be offered by Emirates Power Investment and Dubai Electricity & Water Authority (DEWA). The offer price range will be made public on October 31, the same day the offering officially begins. Subscriptions for individual investors run until November 7 and subscriptions for professional investors end on November 8.
- The most recent IPO in Dubai occurred in September when Salik, the emirate's toll operator, raised AED3.73b by selling a 24.9% stake while utility giant Dewa raised AED22.41b from its IPO earlier this year.
Why it matters
Empower is the fourth state-affiliated entity to apply for a listing in Dubai this year as part of a push to draw investors to the local stock market. With 84 plant rooms and a more than 350 kilometers long network, Empower, a joint venture established in 2003 to deliver energy through its different plants to the emirate's real estate industry, has grown to become the largest district cooling services provider in the world.
