Dubai’s main power and water company is set to join the ranks of the world’s largest utilities after unveiling plans to list at a $34 billion valuation.
The top end of its IPO price range would catapult Dubai Electricity & Water Authority into a list of the top 20 biggest listed utilities, valuing it at more than Britain’s SSE Plc, Spain’s Endesa SA, Germany’s E.ON SE and Portugal’s EDP SA, according to data compiled by Bloomberg.
DEWA is looking to raise as much as $2.2 billion in its initial public offering, in what would be the emirate’s biggest listing since DP World in 2007. Abu Dhabi National Energy Co PJSC will remain the largest listed utility in the Arabian Gulf, while Saudi Electricity Co. will drop to third place in the region.
DEWA’s listing, set to be the biggest this year in Europe, the Middle East and Africa, would also make it the most valuable company on Dubai’s bourse.
ACWA Power International was the last utility to list in the Middle East. The stock surged by the daily limit on debut in Riyadh late last year, and has since doubled in value.
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