UAE - Mubasher: The Dubai Electricity and Water Authority (DEWA) has set the final offer price for its initial public offering (IPO) at AED 2.48 per share.

DEWA has offered 9 billion ordinary shares, accounting for 18% of the issued capital, to generate around AED 22.3 billion ($6.1 billion) of gross proceeds upon settlement, according to a press release on Wednesday.

Total demand for DEWA shares reached AED 315 billion ($85.7 billion).

Upon completion, DEWA's IPO will become the largest offering in the UAE and the largest in the Europe, Middle East, and Africa region in 2022.

The Managing Director and CEO of DEWA, Saeed Mohammed Al Tayer, said: "As we look ahead, DEWA will remain focused on creating value for all its stakeholders by meeting the increasing demand for electricity and water in Dubai and by supporting the Emirate’s energy transition to net-zero by 2050."

It is noteworthy to mention that DEWA raised the number of shares offered in the retail tranche of its IPO to 760 million shares from 260 million shares.