DUBAI, Emirates Central Cooling Systems Corporation PJSC (Empower), today announces that the “Selling Shareholders” have exercised their right to increase the number of shares offered in Empower’s 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 PJSC (DEWA) and Emirates Power Investment LLC (Emirates Power), an indirectly wholly owned subsidiary of Dubai Holding LLC (Dubai Holding). The increase would result in an increase in the Offer Size from 10.0 to 15.0 percent of Empower’s share capital, with DEWA and Emirates Power continuing to own 59.5 percent and 25.5 percent of Empower’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 9.0 percent (representing 900 million shares) to 14.0 percent (representing 1.4 billion shares). The First Tranche will remain unchanged at 100 million shares.
The new offering size was determined by the Selling Shareholders, following Empower’s decision to set the offer price range at between AED 1.31 and AED 1.33 per ordinary share on 31st October 2022, 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 from 31st October to 7th November, 2022, with the Qualified Investors Offering subscription period expected to run from 31st October, to 8th November, 2022.
Subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of Admission to listing and trading on the DFM, Empower is expected to commence trading on the Dubai Financial Market (DFM) on 15th November 2022, under the symbol “EMPOWER” and ISIN AEE01134E227. The Company’s starting market capitalisation at listing is expected to be between AED 13.1 billion (around US$3.567 billion) and AED 13.3 billion (around US$3.622 billion).
Source: Emirates News Agency