Abu Dhabi – Mubasher: Multiply Group, a subsidiary of International Holdings Company (IHC), will invest AED 367 million in the Dubai Electricity and Water Authority’s (DEWA) initial public offering (IPO).

This investment came following a number of acquisitions of stakes in the UAE-based assets, including the U.S. vehicle-focused digital media platform Firefly, Getty Images, Emirates Driving Company, and Viola Communications, according to a recent press release.

On Thursday, 24 March, DEWA announced the offering price range of between AED 2.25 and AED 2.48 per share and opened the subscription period.

The CEO and Managing Director at Multiply Group, Samia Bouazza, said: "DEWA has successfully cemented its position as one of the region’s leading fully integrated utilities companies by capitalizing on its strong market fundamentals and state-of-the-art infrastructure."

Meanwhile, Bouazza added: "Furthermore, as regional capital markets continue to perform favorably, we believe that our investment into DEWA will generate substantial value for our shareholders."