Dubai seeks to raise $362 million from Empower IPO

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Dubai’s Emirates Central Cooling Systems Corporation (Empower) is set to raise up to 1.33 billion dirhams ($362.1 million) from its initial public offering (IPO) after the company disclosed an indicative price range on Monday.

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The price range was set at 1.31 dirhams to 1.33 dirhams per share, state news agency WAM reported.

Empower is the fourth state-linked entity to seek a listing in Dubai this year in a program aimed at boosting investor interest in the domestic stock exchange.

Dubai’s deputy ruler, Sheikh Maktoum Bin Mohammed, announced plans in November to list 10 government-linked entities.

Subscriptions will close on Nov. 7 and final pricing will be set on Nov. 9. Shareholders Dubai Electricity & Water Authority (DEWA) and Emirates Power Investment are offering a 10 percent stake, equivalent to 1 billion shares.

DEWA will sell 7 percent and Emirates Power 3 percent, leaving them with holdings of 63 percent and 27 percent respectively after the IPO if the offering size is not increased.

Citigroup Inc., Emirates NBD Capital, Merrill Lynch International and EFG-Hermes are managing the IPO. Moelis & Co. is the independent financial adviser to Empower.

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