Dubai’s Emirates Central Cooling Systems Corporation (Empower) shareholders have decided to increase the size of the stake being offered in an initial public offering (IPO) to 15% from 10%, citing strong demand for the shares.
Empower said in a statement that two shareholders Dubai Electricity and Water Authority (DEWA) and Emirates Power Investment had exercised their right to increase the number of ordinary shares being offered in the listing to 1.5 billion from 1 billion.
“The decision to increase the offering size was determined after strong investor demand and oversubscription,” Empower said.
Dubai’s Emirates Central Cooling Systems Corporation (Empower) is set to raise up to almost 2 billion dirhams ($544.53 million) in the public share sale based on an indicative price range given on Monday. The final price will be set on Nov. 9.