{"id":74582,"date":"2022-11-01T01:52:31","date_gmt":"2022-11-01T01:52:31","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/11\/01\/uaes-empower-announces-price-range-for-its-ipo\/"},"modified":"2022-11-01T01:52:31","modified_gmt":"2022-11-01T01:52:31","slug":"uaes-empower-announces-price-range-for-its-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/11\/01\/uaes-empower-announces-price-range-for-its-ipo\/","title":{"rendered":"UAE\u2019s Empower announces price range for its IPO"},"content":{"rendered":"

<\/a> The Emirates Central Cooling Systems Corporation<\/a><\/strong>(Empower) has priced its<\/strong> initial public offering at AED 1.31-1.33<\/strong> per share, according to the company\u2019s price range release (pdf)<\/a>. The transaction will see 10% \u2014 or some 1 bn ordinary shares<\/a> \u2014 of the company sold on the Dubai Financial Market (DFM). The indicative price range values the company, pre-offering, at between AED 13.1 bn and 13.3 bn (USD 3.5-3.6 bn)<\/p>\n

Who\u2019s selling?<\/strong> Majority shareholder Dubai Electricity and Water Authority<\/a> (DEWA) is contributing 7 percentage points of their stake and Emirates Power Investment<\/a> (a Dubai Holding<\/a> subsidiary) is offering 3 percentage points. Following the offering, DEWA will hold a 63% stake and Emirates Power\u2019s stake will be 27%.<\/p>\n

Who\u2019s buying?<\/strong> UAE Strategic Investment Fund<\/a>, Shamal Holding<\/a>, and Abu Dhabi Pension<\/a>Fund<\/a> are set to become key investors in the IPO with a commitment of up to AED 335 mn, according to Empower\u2019s price range release.<\/p>\n

The timeline:<\/strong> The subscription period kicked off yesterday and will close next Monday, 7 November for UAE retail investors and Tuesday, 8 November for other qualified investors. Following the bookbuilding process, the final offer price will be set next Wednesday, 9 November. The company\u2019s shares are expected to begin trading on the DFM on 16 November, according to the statement.<\/p>\n

Empower is one of 10 state-owned firms to list as part of the Dubai government\u2019s<\/strong> privatization program<\/strong>, as we reported previously<\/a>.<\/p>\n

ADVISORS-<\/strong> Empower appointed Merrill Lynch, Citigroup and Emirates NBD as joint global coordinators on its IPO, with our friends at EFG Hermes acting as joint bookrunner. Moelis and Emirates NBD are acting as financial advisers. Emirates NBD is the lead receiving bank for the transaction, while our friends at Mashreq Bank are receiving bank alongside Abu Dhabi Islamic Bank, Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, MBank, and Sharjah Islamic Bank.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Emirates Central Cooling Systems Corporation(Empower) has priced its initial public offering at AED 1.31-1.33 per share, according to the company\u2019s price range release (pdf). The transaction will see 10% \u2014 or some 1 bn ordinary shares \u2014 of the company sold on the Dubai Financial Market (DFM). The indicative price range values the company, […]<\/p>\n","protected":false},"author":1,"featured_media":74583,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[378],"tags":[1187,965,282,11,377,1186,1185],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-abu-dhabi-pension-fund","tag-difc","tag-empower","tag-enterpriseclimate","tag-ipo-watch","tag-shamal-holding","tag-uae-strategic-investment-fund","wpautop","entry"],"acf":{"mongo_id":"6218610a-b20d-4bca-bf57-bb57c6f09111","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/30.jpg","photo_position":"above","related_issue":[74576],"teaser":"","voice_url":""},"yoast_head":"\nUAE\u2019s Empower announces price range for its IPO - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/01\/uaes-empower-announces-price-range-for-its-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UAE\u2019s Empower announces price range for its IPO\" \/>\n<meta property=\"og:description\" content=\"The Emirates Central Cooling Systems Corporation(Empower) has priced its initial public offering at AED 1.31-1.33 per share, according to the company\u2019s price range release (pdf). 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