Dubai Financial Market (“DFM”) today welcomed the successful listing of Emirates Central Cooling Systems Corporation PJSC (“Empower”), the world’s largest district cooling services provider and a clear leading player in the Dubai district cooling market.
This is the fourth public offering and listing on the DFM in 2022 to date. It is part of the accelerating steps to implement Dubai’s strategy which aims to develop its capital markets.
His Excellency Saeed Mohammed Al Tayer, Chairman of Empower rang the DFM market opening bell to celebrate the listing, in the presence of His Excellency Helal Al Marri, Chairman of the DFM, Ahmad Bin Shafar, Chief Executive Officer of Empower and Hamed Ali, CEO of the DFM and Nasdaq Dubai.
Shares began trading under the symbol “EMPOWER”, concluding the Company’s successful public offering that raised AED 2.66 billion giving a market capitalization of AED 13.30 billion on admission with a share price of AED 1.33 at the upper end of the floatation price range, noting that the Company has increased the size of the offering by 100% to cater to the strong demand that led to the IPO being covered on its first day. Accordingly, the offering was oversubscribed by 47 times as it drew a total of AED 124.69 billion. Empower shares trade within the Utilities Sector.
His Excellency Saeed Mohammed Al Tayer, Chairman of Empower said: “Thanks to the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the support from His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, Dubai is moving steadily to become a leading global economic hub. Empower’s IPO further reiterates Dubai’s focus towards building robust capital markets and accelerating new listings that unlock value and growth in vital sectors.”
Dubai Financial Market (“DFM”) today welcomed the successful listing of Emirates Central Cooling Systems Corporation PJSC (“Empower”), the world’s largest district cooling services provider and a clear leading player in the Dubai district cooling market.
This is the fourth public offering and listing on the DFM in 2022 to date. It is part of the accelerating steps to implement Dubai’s strategy which aims to develop its capital markets.
His Excellency Saeed Mohammed Al Tayer, Chairman of Empower rang the DFM market opening bell to celebrate the listing, in the presence of His Excellency Helal Al Marri, Chairman of the DFM, Ahmad Bin Shafar, Chief Executive Officer of Empower and Hamed Ali, CEO of the DFM and Nasdaq Dubai.
Shares began trading under the symbol “EMPOWER”, concluding the Company’s successful public offering that raised AED 2.66 billion giving a market capitalization of AED 13.30 billion on admission with a share price of AED 1.33 at the upper end of the floatation price range, noting that the Company has increased the size of the offering by 100% to cater to the strong demand that led to the IPO being covered on its first day. Accordingly, the offering was oversubscribed by 47 times as it drew a total of AED 124.69 billion. Empower shares trade within the Utilities Sector.
His Excellency Saeed Mohammed Al Tayer, Chairman of Empower said: “Thanks to the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the support from His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, Dubai is moving steadily to become a leading global economic hub. Empower’s IPO further reiterates Dubai’s focus towards building robust capital markets and accelerating new listings that unlock value and growth in vital sectors.”
