Emirates Power News Today

One of the best-performing Dubai IPOs of '22, Empower revenues came to Dh2.79b

Upon listing, Empower will become the world’s largest district cooling services provider on a stock exchange

Emirates Central Cooling Systems Corporations IPO has raised AED2.6 billion ($724 million) after pricing its shares at the top of a market range. The total gross demand hit over AED124.6 billion ($34 billion) at final offer price on big investor demand.

DUBAI, 9th November, 2022 (WAM) -- Emirates Central Cooling Systems Corporation PJSC (“Empower” or the “Company”), today announces that, following the successful completion of the book-build and public subscription process for its initial public offering (“IPO” or the “Offering”), it has set the final offer price for its IPO at AED1.33 per share, at the top of the price range. Following two successful upsize announcements, a total of 2,000,000,000 ordinary shares (“Offer Shares...

The move, which has approval from the Securities and Commodities Authority, would result in the Qualified Investors Tranche being reduced from 1.9 billion to 1.7 bil...

Emirates Central Cooling Systems Corporation (Empower) has announced that its retail tranche size has been increased three-fold by its key shareholders to 300 million ordinary shares from 100 million due to significant demand and oversubscription.

Emirates Central Cooling Systems Corporation (Empower) has announced an increase in its IPO size for a second time on the back of strong investor demand and over subscription across all tranches. The new offering size is now 2 billion ordinary shares.

Decision to further increase the size of the IPO comes on the back of strong investor demand and oversubscription across all tranches

Emirates Central Cooling Systems Corporation (Empower), said the number of shares offered in its IPO has been increased from 1 billion to 1.5 billion ordinary shares on big investor demand. The IPO is likely to raise up to AED1.3 billion($362.1 million).

The company’s market capitalisation at listing is expected to be between $3.56bn and $3.62bn