DEWA will have the highest market cap on DFM once it lists, at around Dh112.50 billion and Dh124 billion. Image Credit: Ahmed Ramzan/Gulf News

Dubai: The DEWA IPO has already gotten some big names as investors, including Abu Dhabi’s ADQ and Alpha Dhabi Partners. The other ‘cornerstone investors’ to sign up are Emirates Investment Authority, the UAE Strategic Investment Fund, the Multiply Group and Investment Holdings Est..

These investors have committed to purchase shares in the ‘qualified investor offering’ of the DEWA IPO. Together, they have committed to Dh4.7 billion, and when allocated shares will be subject to a 180-day lock-up arrangement. (Cornerstone investors are those who commit to an IPO in advance for a fixed amount of money or for a fixed number of shares.)

The DEWA stock price will be confirmed on April 6, and the range given is between Dh2.25 to Dh2.48 a share.

The total offering size is expected to be between Dh7.31 billion and Dh8.06 billion, implying a market cap at listing of between Dh112.50 billion and Dh124 billion. This would make DEWA the largest company on the DFM by market capitalisation.

“This IPO represents an opportunity for investors to participate in a unique growth story that is underpinned by the ambition of Dubai and the UAE,” said Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA. “Since announcing our intention to float, we have received strong interest from local and international investors that recognise our determination to shape a green future for Dubai.”