Dubai Financial Market (DFM) today (November 15) welcomed the successful listing of Emirates Central Cooling Systems Corporation (Empower) after raising over AED2.66 billion ($724 million) in its initial public offering.
This is the fourth public offering and listing on the DFM in 2022 to date. It is part of the accelerating steps to implement Dubai’s strategy which aims to develop its capital markets.
Saeed Mohammed Al Tayer, Chairman of Empower, rang the DFM market opening bell to celebrate the listing, in the presence of Helal Al Marri, Chairman of the DFM, Ahmad Bin Shafar, Chief Executive Officer of Empower and Hamed Ali, CEO of the DFM and Nasdaq Dubai.
Shares began trading under the symbol EMPOWER, concluding the company’s successful public offering that gave a market capitalisation of AED13.30 billion on admission with a share price of AED1.33 at the upper end of the floatation price range, noting that the company has increased the size of the offering by 100% to cater to the strong demand that led to the IPO being covered on its first day.
Accordingly, the offering was oversubscribed by 47 times as it drew a total of AED124.69 billion. Empower shares trade within the Utilities Sector.
"Dubai is moving steadily to become a leading global economic hub. Empower’s IPO further reiterates Dubai’s focus towards building robust capital markets and accelerating new listings that unlock value and growth in vital sectors," said Al Tayer after the debut listing.
Bin Shafar said: "We are proud to take this next important step in Empower’s journey and become a public company. It is an honour to have the prestige of a public listing and now a very important role to play in one of the world’s most active, dynamic capital markets."
"It’s a privilege to be part of Dubai’s successful privatisation programme and broader efforts to deepen and broaden our stock markets by attracting foreign investment," he added.-TradeArabia News Service