The company’s shares closed 15.73 per cent higher on the first day of trading at Dh2.87 per share, after rising as high as Dh3.05 compared to the listing price of Dh2.48. Dewa has a market value of about $39 billion and is the largest on the exchange.
The listing of the Dubai utility is the largest 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.
“Today’s listing on the Dubai Financial Market is the beginning of an exciting new chapter in Dewa’s growth story,” said Saeed Al Tayer, managing director and chief executive of Dewa.
“The strong interest we have seen from institutional and retail investors reflects the confidence in Dewa as a globally leading utilities company. We are proud to be able to offer investors the opportunity to be a part of Dewa’s future as it supports Dubai’s growth and energy transition.”
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 about 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, the utility said.