Emirates Power News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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 Corporation's 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”), equivalent to 20.0 percent of Empower’s total issued share capital, were offered....

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...