November 3, 2022

Empower offer size increased to 15%; IPO set to raise $362m

categories : real estate

Emirates Central Cooling Systems Corporation (Empower), has announced that the selling shareholders have exercised their right to increase the number of shares offered in its initial public offering from 1 billion ordinary shares to 1.5 billion ordinary shares.

The announcement was made following approval from the Securities and Commodities Authority (SCA), Dubai Electricity and Water Authority (Dewa) and Emirates Power Investment (Emirates Power), an indirectly wholly owned subsidiary of Dubai Holding (Dubai Holding).

The increase would result in an increase in the Offer size from 10% to 15% of Empower’s share capital, with Dewa and Emirates Power continuing to own 59.5% and 25.5% of the Emirati utility group's existing share capital respectively following the Offering.

Empower has also received approval from the SCA to increase the size of the tranche reserved for qualified investors from 9% (representing 900 million shares) to 14% (representing 1.4 billion shares). The First tranche will remain unchanged at 100 million shares.

The Emirati group said the new offering size was determined by the selling shareholders, following its decision to set the offer price range at between AED1.31 and AED1.33 per ordinary share on October 31, providing investors with a highly attractive value proposition.

The selling shareholders reserve the right to amend the size of the offering tranches, as well as the size of the offering at any time prior to the end of the subscription period at their discretion, subject to obtaining SCA’s approval.

The subscription period for the Empower IPO remains unchanged. The UAE Retail Offering subscription period is expected to run until November 7, while the Qualified Investors Offering subscription period will run until November 8.

Empower said subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of admission to listing and trading on the DFM, it will commence trading on November 15, under the symbol 'Empower'

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