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Emirates Central Cooling Systems Corporation (Empower) has announced the offer price range per share and the start of the subscription period for its initial public offering (IPO) on the Dubai Financial Market (DFM).
The price range for the offering has been set at between AED1.31 to AED1.33 per share, thus implying a market capitalisation of nearly between AED13.1 billion to AED13.3 billion ($3.6 billion).
The subscription for the Empower IPO starts today (October 31) and is expected to close on November 7 for UAE retail investors and on November 8 for the qualified investors.
Empower said for the IPO, a total of 1 billion shares, representing 10% of Empower's share capital, is being offered, with Dubai Electricity and Water Authority (Dewa) and Emirates Power Investment (an indirectly wholly owned subsidiary of Dubai Holding) together with Dewa.
The Emirati group said the selling shareholders reserve the right to amend the size of the IPO (in whole and/or individual tranches) at any time before the end of the subscription period of the Second Tranche, subject to applicable laws and approval by the Securities and Commodities Authority (SCA).
UAE Strategic Investment Fund, Shamal Holding and Abu Dhabi Pension Fund are all set to become cornerstone investors in the IPO with a total commitment of up to AED335 million.
Empower said the final offer price will be determined through a book building process and is expected to be announced on November 9. Admission of the shares to trading on the DFM is expected on November 15, it added.-TradeArabia News Service