Dubai state utility Dewa announced on 30 March that it is expanding the scale of its IPO, more than doubling the size of the offering from 6.5% to 17%. With Dewa having set a price range of AED2.25-2.48 per share [$0.61-$0.68] on 24 March – implying a valuation of $30.63-$33.76bn – the IPO is set to raise between $5.2bn and $5.7bn.

The IPO was launched on 15 March, and the listing is planned for 12 April (MEES, 18 March). On 24 March, Dewa announced six ‘cornerstone investors’ - Emirates Investment Authority, ADQ, UAE Strategic Investment Fund, Multiply Group, Alpha Dhabi Partners and Investment Holdings Est – with a total commitment of up to $1.3bn. (CONTINUED - 145 WORDS)