Dubai: «The Gulf»
Dubai Electricity and Water Authority (DEWA) said that on March 23, 2022, it entered into basic investment agreements with the Emirates Investment Authority (through one of its investment vehicles), ADQ Holding (through one of its investment vehicles), the UAE Strategic Investment Fund, and Multiplay Group (from Through one of its investment vehicles), Alpha Abu Dhabi Holding Company, and Investment Holding Corporation (“Primary Investors”), according to which each of the primary investors separately and none of them are jointly and severally obligated to purchase shares in the offering of qualified investors at the offer price.
The main investors committed to the offering 4.7 billion dirhams ($ 1.3 billion), and the shares owned by the primary investors are subject to a 180-day ban on trading.
UAE Strategic Investment Fund
It is noteworthy that following His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, announced the listing of 10 government and semi-governmental companies on the Dubai Financial Market, the UAE Strategic Investment Fund was established as a long-term strategic investor in Dubai IPOs, a separate portfolio of Emirates NBD Bank (AM SPC) managed by Emirates NBD Asset Management; One of the largest asset managers in the Middle East with a proven track record of investments in listed equities and other asset classes in the MENA region, through separate mandates and mutual funds.
Consultants
As part of the IPO, the Dubai Electricity and Water Authority appointed Emirates NBD Capital Limited as the financial advisor, while Mollis Bank & Company UK appointed a limited liability partnership (DIFC Branch) as the independent financial advisor to the Authority.
Citigroup has also appointed Global Markets Limited, Emirates NBD Capital Limited and HSBC Bank Middle East Limited as joint global coordinators, while Credit Suisse International, EFG Hermes Emirates Limited, First Abu Dhabi Bank and Goldman Sachs International, have also been appointed. acting as joint bookrunners.
underwriting banks
Emirates NBD was appointed as the lead receiving bank, and Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Dubai Islamic Bank, Emirates Islamic Bank, Al Maryah Local Bank, First Abu Dhabi Bank, Mashreq Bank and Sharjah Islamic Bank were designated as the receiving banks.
Yesterday, Thursday, Dubai Electricity and Water Authority (DEWA) started receiving applications for subscription in its initial public offering of 3.25 billion shares for public subscription, representing 6.5% of the total issued shares in the capital of the Authority. While the selling shareholder reserves the right to increase the size of the offering, the price range of the offering shares has been set from 2.25 to 2.48 dirhams per share, which means that the market value of the authority upon listing will reach 124 billion dirhams, making it the largest company listed on the Dubai Financial Market in terms of market value . DEWA announced that it had received 4.7 billion dirhams ($1.3 billion) from major investors in the subscription, which are: the Emirates Investment Authority, the holding “ADQ”, the UAE Strategic Investment Fund, the “Multiplay Group”, Alpha Abu Dhabi Holding Company, and Investment Holding Corporation. The subscription period continues until April 2 for individuals, and until April 5 for qualified investors, as the final offering price will be determined through the book building process, on April 6. It is expected to complete the listing of the shares and start trading on the Dubai Financial Market on April 12th.