No less than 10 initial public offerings (IPO) are listed on the Dubai Financial Market (DFM) program in the coming months. Announced last November by the Vice-Emir, Sheikh Maktoum bin Mohammed, then just appointed Minister of Finance of the United Arab Emirates, this political shift should, in the long term, multiply by seven the capitalization of the local stock market, which reached 112 billion dollars in December.
The first operation started last week. This is the largest quotation on the DFM in the last fifteen years. DEWA, the public water and electricity company, aims to raise 2.2 billion dollars, by selling 6.5% of its shares. Or more than 3 billion shares, at a unit price which should be set between 2.25 and 2.48 dirhams (between 0.61 and 0.67 dollars). At the end of the IPO, on April 2, the objective is a valuation equivalent to 33.8 billion dollars. This will already make it the largest company listed on the emirate’s stock exchange.