African markets

EFG Hermes Concludes Opinion on DEWA’s $6.1 Billion IPO

The investment banking division of EFG Hermes Holding (HRHO) has completed its notice of the Dubai Electricity and Water Authority’s (DEWA) $6.1 billion initial public offering (IPO) on the Dubai Financial Market (DFM), according to an emailed press release April 12.

The transaction follows EFG Herme’s successful advisory on ACWA Power’s Tadawul IPO, ADNOC Drilling’s offer on the Abu Dhabi Securities Exchange (ADX) and Fertiglobe’s listing on the ‘ADX.

Public company DEWA has listed 9 billion shares on the DFM, representing 18% of its share capital, at a price of AED 2.48 per share, implying a market capitalization of AED 124 billion.

DEWA’s IPO is the largest ever in the Middle East since 2019 and the “first of its kind” from a public company in Dubai.

Trading in DEWA shares began today under the symbol of (DEWA UH EQUITY).

This listing is part of Dubai’s plan to offer 10 public companies on the DFM in 2022, with the aim of diversifying the capital market by increasing the market capitalization of the index to AED 3 trillion ( $816.86 billion).

Regarding the ADX, it has seen nine IPOs in 2021, and expects the listing of 13 entities in 2022.

Listed on both the Egyptian Stock Exchange (EGX) and the London Stock Exchange (LSE), EFG Hermes is present in 13 countries, including the United Arab Emirates, Saudi Arabia, Kuwait, Jordan, Oman and Pakistan. .

The leading investment banking franchise of Frontier Emerging Markets (FEM) provides a wide range of financial services, including advisory, asset management, securities brokerage, research and private equity across the MENA region.

Arab finance