Dewa shares surge on Dubai Financial Market debut
Shares of Dubai Electricity and Water Authority surged almost 23 per cent as the utility company made its debut on the Dubai Financial Market on Tuesday. Dewa was trading 17 per cent higher at Dh2.90 at 10.14am UAE time on Tuesday after the stock rose as high as Dh3.05 per share. The company has market value of about $39 billion and is the largest on the exchange.. The listing of the Dubai utility is the biggest in Europe and the Middle East since Saudi Aramco’s debut in 2019. Dewa raised Dh22.41bn ($6.1bn) from its initial public offering earlier this month. A total of nine billion ordinary shares, representing 18 per cent of Dewa’s issued share capital, were offered at Dh2.48 a share. This includes commitments from cornerstone and strategic investors amounting to approximately Dh13.8bn. The offering garnered strong interest from local and international investors and was 37 times oversubscribed (excluding cornerstone and strategic investors) with total demand amounting to Dh315bn...