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When will Empower hit the DFM charts? DEWA, the majority shareholder, is weighing the timing and size of the potential IPO. Image Credit: Gulf News Archive

Dubai: The chances of the Dubai district cooling company Empower coming up for a DFM listing is strong.

DEWA, the utility giant that hold a majority stake in Empower, said that a review of the company’s IPO possibility is on. “The timing and size of the same are under study and are subject to all the necessary approvals,” DEWA said in a statement.

Empower had revenues of Dh1.15 billion and net profit of Dh432 million in the first-half of 2022, representing a 16 per cent and 11 per cent increase, respectively, over the same period last year. Empower has been consolidating capacity across some of the most popular residential neighbourhoods in Dubai over these last 12 months, including the Palm, Meydan, etc. 

More to follow...