Mubasher: Egyptian Financial Group Hermes Holding’s (EFG Hermes) investment banking division has completed Dubai Electricity and Water Authority’s (DEWA) initial public offering (IPO) at $6.10 billion.

DEWA began trading its ordinary shares on Dubai Financial Market (DFM) on 12 April under the ticker DEWA UH EQUITY, implying a market capitalisation of AED 124 billion, according to a recent press release.

The utilities giant listed 9 billion shares, representing 18% of its share capital, at a nominal value of AED 2.48 per share.

The listing of DEWA came in line with Dubai’s plans to make 10 state-owned companies go public to boost the capital market, bringing the index’s market capitalisation to AED 3 trillion ($816.86 billion).

Co-Head of EFG Hermes Investment Banking, Mohamed Fahmi, said: “We believe that the DEWA offering will reignite activity on the DFM and the strong investor appetite is testament to the interest of all investor types in the DFM and the overall Dubai growth story.” 

Fahmi added: “With a healthy pipeline of IPOs lined up, the UAE boasts numerous and diverse investment opportunities for clients, and we’re expecting it to become a regional hub for investors in the near future.”

In 2021, DEWA’s net profits attributable to the Dubai government soared to AED 6.12 billion, compared to AED 5.09 billion a year earlier.