Empower to list on Dubai Financial Market

The district cooling company Empower has announced its intention to list on the Dubai Financial Market (DFM).

One billion shares, representing 10 per cent of the firm's share capital, is to be made available in the offering.

Subscription will open on October 31 and end on November 7 for UAE Retail Investors, and on November 8 for Qualified Investors.

Established in 2003, Empower is the world’s largest district cooling services provider by capacity.

Empower's IPO is part of Dubai's plans to list 10 state-owned companies and increase the size of its financial market to about AED 3 trillion.

. @DFMalerts: We are pleased to share that @Empower_AE has announced its intention to list on the Dubai Financial Market. Established in 2003, Empower is the world’s largest district cooling services provider by capacity. pic.twitter.com/44bapY1ouL

— Dubai Media Office (@DXBMediaOffice) October 24, 2022

All shares to be offered represent the sale of existing shares held in aggregate by Dubai Electricity and Water Authority (DEWA) and Emirates Power (an indirectly wholly owned subsidiary of Dubai Holding) (together the “Selling Shareholders”) with DEWA selling 7 per cent and Emirates Power selling 3 per cent in the Offering.

Subject to the approval of the Securities & Commodities Authority (SCA), the Selling Shareholders reserve the right to amend the size of the Offering at any time prior to the end of the subscription period at their sole discretion.