Dubai Financial Market (DFM) celebrated the listing of Emirates Central Cooling Systems Corporation PJSC (Empower), Dubai’s district cooling provider. Simultaneously, Empower logo debuted on the NASDAQ screen in the famous New York Times Square, which attracts more than 50 million visitors a year. The listing of Empower is the fourth IPO on DFM since the beginning of this year.
“Celebrating the listing of Empower on DFM through the screens of the Nasdaq New York market is a defining moment for the Company and its shareholders. The event is a landmark in the global competitive investment climate and a bright spot for IPOs internationally, and it also allows Empower to contribute to strengthening Dubai’s position,” Ahmad Bin Shafar, CEO of Empower, said.
In November, shares of Empower surged as much as 9 percent above the company’s listing price as it made its debut on DFM.
The company, which started trading under the ticker symbol “EMPOWER” saw its shares jump to 1.45 dirhams in early trading on the DFM, giving it a market value of about 14.5 billion dirhams ($3.95bn).
The company sold 2 billion shares through its initial public offering (IPO), equivalent to 20 percent of its share capital, at the higher end of its offer share price of 1.33 dirhams, giving Empower an initial market value of 13.3 billion dirhams.
Empower’s IPO raised more than 2.6 billion dirhams ($724 million) from its offering, which drew strong demand from local, regional, and international investors and was more than 47 times oversubscribed.