UAE - Mubasher: The Dubai Electricity and Water Authority (DEWA) has raised the number of shares offered in the retail tranche of its initial public offering (IPO) to 760 million shares from 260 million shares.

Approved by the UAE Securities and Commodities Authority (SCA), this decision came following the surge in demands and oversubscription from retail investors, according to a recent press release.

Hence, the number of shares offered in DEWA's IPO rose to 9 billion ordinary shares from 8.5 billion ordinary shares, resulting in a free float of 18% of the company's share capital.

Based on the price range of AED 2.25 to AED 2.48 per share, the retail tranche will be between AED 1.71 billion and AED 1.88 billion.

It is noteworthy to mention that on Wednesday, 30 March, DEWA increased the number of shares IPO to 8.5 billion ordinary shares from 3.25 billion.