Dubai’s Biggest IPO in 15 Years Seeks to Raise US $ 2.2 B

Dubai’s main power and water company is looking to raise as much as $2.2 billion in its initial public offering, in what would be the emirate’s biggest listing since DP World in 2007. The Dubai government plans to sell a 6.5% stake in Dubai Electricity & Water Authority, or 3.25 billion shares, at 2.25 dirhams to 2.48 dirhams apiece, valuing the firm at as much as $33.8 billion.
The listing, which will make DEWA the biggest company on the emirate’s bourse, marks the first step in Dubai’s ambitious plan to reinvigorate its flagging capital markets.