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The Dubai Financial Market (DFM) today (November 15) welcomed the successful listing of Emirates Central Cooling Systems Company (Empower) after raising more than AED2.66 billion (US$724 million) in its initial public offering.
This is the fourth public offering and listing on DFM so far in 2022. This is part of an accelerated implementation of Dubai’s strategy to develop its capital markets.
Saeed Mohammed Al Tayer, Chairman of Empower, accompanied by Helal Al Marri, Chairman of DFM, Ahmad Bin Shafar, CEO of Empower and Hamed Ali, CEO of DFM, rang the DFM market opening bell to celebrate the listing and Nasdaq Dubai.
Shares began trading under the symbol EMPOWER, concluding the company’s successful public offering with a market capitalization of AED 13.3 billion at listing and a share price of AED 1.33, at the upper end of the floating price range, noting that the company has increased the size of the offering by 100 % to meet the strong demand that resulted in the IPO being covered on day one.
As a result, the offering was 47 times oversubscribed, raising a total of AED 124.69 billion. Empower stock trades within the Utilities sector.
“Dubai is steadily becoming a leading global economic centre. Empower’s IPO further reaffirms Dubai’s commitment to building a robust capital market and accelerating new listings to unlock value and growth in key industries,” said Al Tayer following the initial listing.
Bin Shafar said: “We are proud to take this important step in Empower’s journey as a public company. It is an honor to have the reputation of being a public company and it is important to now play in one of the most active companies in the world The role of the dynamic capital market.”
“It is an honor to be part of Dubai’s successful privatization program and wider efforts to deepen and expand our stock market by attracting foreign investment,” he added.trade arab news agency
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