Leading international law firm Clifford Chance has advised the banks in connection with the landmark $6 billion IPO and listing of Dubai Electricity and Water Authority (Dewa) on the Dubai Financial Market (DFM).

 

The banks are Citigroup, Emirates NBD Capital and HSBC (as Joint Global Coordinators) and Credit Suisse, EFG Hermes, First Abu Dhabi Bank and Goldman Sachs (as Joint Bookrunners).

 

A total of 9 billion ordinary shares, representing 18% of Dewa's issued share capital, were offered in the listing, which will generate approximately AED22.3 billion ($6.1 billion) of gross proceeds, including commitments from cornerstone and strategic investors amounting to approximately AED13.8 billion ($3.8 billion). 

 

Dubai's largest IPO

The transaction created history in the region for it being the largest IPO to date in Dubai, the first in the government utilities sector, and the largest in the Middle East and North Africa since Saudi Aramco's $29.4 billion IPO in 2019. It will also make Dewa the largest company listed on the DFM with a market capitalisation of $33.8 billion.

 

A cross-border Clifford Chance team advised on the transaction, jointly led by Dubai-based partner and head of the Middle East equity capital markets practice, Mike Taylor, and London-based US securities partner John Connolly, who were supported by senior associates Rezwan Azam (Dubai) and Christopher Osborne (London), and associates Massimiliano Valli (Dubai) and Rachel Sumption (London).

 

Taylor commented: "This transaction builds on the firm's leading Middle East equity capital markets practice which also acted for the banks on the recent UAE IPOs and listings of Fertiglobe, Adnoc Drilling, and Mubadala-owned Al Yah Satellite Communications Company (Yahsat)."-- TradeArabia News Service