Skip to content Skip to Search
Skip navigation

Empower raises nearly $724 mln following book-building process

Creative Commons
Empower is expected to commence trading on DFM on November 15

Emirates Central Cooling Systems Corporation (Empower) has set the final offer price for its initial public offering (IPO) at AED 1.33 per share, at the top of the price range, raising nearly AED 2.7 billion ($724 million).

This comes following the successful completion of the book-building and public subscription process for its IPO, the UAE state-owned WAM news agency reported.

Following two successful upsize announcements, a total of two billion shares, equivalent to 20 percent of Empower’s total issued share capital, were offered.

This will result in approximately AED 2.7 billion of gross proceeds for Dubai Electricity and Water Authority (DEWA) and Emirates Power Investment (Emirates Power), an indirectly wholly owned subsidiary of Dubai Holding (Dubai Holding), upon settlement.

After completing the Empower IPO, DEWA and Emirates Power will continue to own 56 percent and 24 percent of Empower’s existing share capital, respectively.

Upon listing, Empower will become the world’s largest district cooling services provider on a stock exchange.

The offering saw significant investor interest, with total gross demand for the IPO over AED 124.6 billion at the final offer price, implying an oversubscription level of 47x times for all tranches combined at the final offer price.

Saeed Mohammed Al Tayer, chairman of Empower, said that the success of the privatisation programme so far shows that Dubai is well on its way to achieving the vision to increase the total volume of its stock markets to AED 3 trillion.

Empower is expected to commence trading on the Dubai Financial Market (DFM) on November 15. The company will have a market capitalisation of AED 13.3 billion on listing.

Latest articles

Lesha Bank's total assets under management increased to QAR6.4 billion, an 11 percent increase year on year

Qatari Islamic bank buys Kazakhstan’s Bereke Bank

Lesha Bank, a sharia-compliant bank in Qatar, has acquired Bereke Bank from Kazakhstan government-backed Baiterek Holding for QAR532 million ($146 million). The Qatar Stock Exchange-listed company said in a statement that the transaction is, however, subject to regulatory approvals. Last month the bank reported an all-time high quarterly net profit of QAR28.8 million in the first quarter of […]

Abu Dhabi crown prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan at the signing ceremony for the joint venture between Edge and Fincantieri

UAE-Italian venture wins $434m deal for naval vessels

A joint venture between UAE’s state-owned defence company Edge Group and Italy’s Fincantieri will build a shipbuilding facility for advanced naval vessels in Abu Dhabi. The new venture, Maestral, has secured a large order from the UAE Coast Guard Forces for 10 advanced 51-metre offshore patrol vessels (OPVs) worth €400 million ($434 million). Edge owns 51 […]

Dubai's total passenger traffic for Q1 2024 reached 23,052,060, an annual rise of 8.4 percent

Passenger traffic at UAE airports increases 15%

Passenger traffic at UAE airports rose 15 percent year on year to 36.5 million in the first three months of 2024, according to data released by the General Civil Aviation Authority (GCAA)  Arrivals reached 10.7 million, while departures stood at 10.9 million. The number of transit passengers was 14.9 million, the state-run Wam news agency […]

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Jordan's King Abdullah II talk during a meeting in Abu Dhabi in March

UAE’s ADQ to invest $5bn in Jordan’s economy

Abu Dhabi sovereign wealth fund ADQ has completed plans to invest $5 billion in infrastructure and other projects in Jordan. ADQ has completed the formalities to set up the infrastructure investment fund company, Jordan’s ministry of investment said in a statement. This initiative is part of the agreement signed with the UAE during last year’s visit to […]