Announcement of increase in number of shares offered to retail investors in DEWA IPO

Dubai Electricity and Water Authority PJSC (“DEWA” or the “Company”) today announces that, following approval from the UAE Securities and Commodities Authority (the “SCA”), it has exercised its right to increase the number of shares offered in the First Tranche (“Retail Tranche”) of its initial public offering (“IPO”).

Following significant demand and oversubscription from retail investors, the Government of Dubai as the selling shareholder took the decision to increase the size of the Retail Tranche from 260 million shares to 760 million shares. This means the number of shares offered in the DEWA IPO has increased from 8.5 billion ordinary shares to 9 billion ordinary shares, which would result in a free float of 18% of DEWA’s share capital, with the Government of Dubai continuing to own 82% of DEWA’s share capital.

Based on the previously announced price range of AED 2.25 to AED 2.48 per share, the Retail Tranche will now be between AED 1.71 billion and AED 1.88 billion (US$ 465.62 million and US$ 513.22 million). Including investors that participated in the Third Tranche (DEWA Eligible Employees), retail investors will represent 9.2% of the total upsized deal.

The subscription period for the DEWA IPO remains unchanged and will close today, 2 April 2022, for UAE retail investors and on 5 April 2022 for qualified domestic and international institutional investors. DEWA is expected to list on the Dubai Financial Market (“DFM”) on or around 12 April 2022.