DUBAI, May 25 (Reuters) – Dubai’s Emirates Central Cooling Systems Corporation (Empower) has invited investment banks to bid for a role in its proposed IPO, scheduled for later this year, two sources with direct knowledge of the matter said .
Empower, which is partly owned by Dubai Electricity and Water Authority (DEWA) (DEWAA.DU), has asked the banks to apply for joint global coordinator roles and respond by next week, the sources said, declining to do so. to be named as the matter is not public.
The request was made by Moelis & Co (MC.N), acting as financial advisor on Empower’s behalf, they said.
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Empower and DEWA and Moelis did not immediately respond to requests for comment when contacted by Reuters on Wednesday.
District cooling companies supply chilled water via insulated pipes to cool offices, industrial and residential buildings.
Dubai’s deputy ruler, Sheikh Maktoum Bin Mohammed, announced plans in November to list 10 government-related companies in a bid to boost stock market activity. The ruler named Empower as part of those plans in December.
The listing plans also aim to help Dubai’s stock market compete more effectively with larger exchanges in the region, such as those in Saudi Arabia and neighboring Abu Dhabi.
Gulf region issuers have raised $8.76 billion so far this year, data from Refinitiv shows.
Gulf markets are highly correlated with oil prices, with Brent crude trading at more than $110 a barrel.
DEWA raised $6.1 billion from investors in April for its IPO, the largest in the entire region since a record $29.4 billion global sale of Saudi Aramco public stock.
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Reporting by Hadeel Al Sayegh; Edited by Kirsten Donovan
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