Empower increases the size of its initial public offering to 20%

Emirates Central Cooling Systems Corporation (Empower) decided to increase the size of its initial public offering against the backdrop of strong investor demand and the subscription exceeded the size offered in all segments.

The size of the new offering will be two billion common stock, which indicates a new offering of 20% stake and an increase from 15%.

According to Reuters, qualified investors will go from 1.4 billion to 1.9 billion common stock.

The individual investor tranche will remain unchanged and the subscription period for the tranche offered in the UAE and the qualifying investor tranche will remain unchanged and will close on 7 and 8 November respectively.

The Gulf region is seeing an IPO boom, with the governments of Saudi Arabia, Abu Dhabi and Dubai encouraging state-led listing programs to take advantage of high oil prices and the relative scarcity of such offers. in other markets.

Up to 2.66 billion dirhams ($ 724.28 million) were raised in the subscription based on an indicative price range announced on Monday, with the final price set on November 9th.

Empower is the fourth state-owned entity seeking to list its shares in Dubai quest’year in a program aimed at strengthening investor interest in the local stock exchange.

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