Home Stock list Empower launches listing of its shares on DFM

Empower launches listing of its shares on DFM

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-Empower launches listing and trading of its shares on the Dubai Financial Market

Dubai Financial Market (“DFM”) today successfully hosted the IPO of Emirates Central Cooling Systems Corporation PJSC (“Empower”), the world’s largest district cooling service provider and a leading player plan on the Dubai district cooling market.

This is the fourth public offering and listing on the DFM in 2022 to date. This is part of the accelerated implementation steps of Dubai’s strategy to develop its capital markets.

His Excellency Saeed Mohammed Al Tayer, Chairman of Empower rang the opening bell of the DFM market to celebrate the listing, in the presence of His Excellency Helal Al Marri, Chairman of DFM, Ahmad Bin Shafar, Chief Executive Officer of Empower and Hamed Ali, CEO of DFM and Nasdaq Dubai.

Shares began trading under the symbol ‘EMPOWER’, concluding the company’s successful public offering which raised AED2.66 billion, giving a market capitalization of AED13.30 billion on admission with a share price of AED 1.33 at the upper end of the float price range, noting that the Company has increased the size of the offering by 100% to meet the strong demand which has led to IPO coverage from day one. As a result, the offering was oversubscribed 47 times and attracted a total of AED124.69 billion. Strengthen equity trading within the utilities sector.

His Excellency Saeed Mohammed Al Tayer, Chairman of Empower, said: “Thanks to the vision and guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, and the Supported by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Governor of Dubai, Deputy Prime Minister, Minister of Finance, Dubai is steadily evolving to become a leading global economic hub Empower’s IPO further reiterates Dubai’s focus on building strong capital markets and accelerating new listings that unlock value and growth in vital sectors.

His Excellency Ahmad Bin Shafar, Managing Director of Empower, said, “We are proud to take this next important step in Empower’s journey and become a public company. It is an honor to have the prestige of a stock exchange listing and now a very important role to play in one of the most active and dynamic capital markets in the world. It is a privilege to be part of Dubai’s successful privatization program and broader efforts to deepen and expand our stock markets by attracting foreign investment. The oversubscription levels illustrate not only how Empower is an excellent investment case, but also the enduring appeal of Dubai’s history, progress and longer-term economic vision.

His Excellency Helal Al Marri, President of DFM said, “We welcome Empower to DFM. Today marks another important moment in Dubai’s ambitious program to develop its capital markets. Due to the rapid implementation of this program, the DFM has become one of the busiest financial markets in the world in terms of new IPOs and listings this year. This momentum underscores the strong economic fundamentals of Dubai and the UAE and deep investor confidence. It also demonstrates the effectiveness of the strategic plan for the development of capital markets under the supervision of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance.

Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “Dubai is a thriving and dynamic international financial center full of opportunity. Its economy is changing rapidly and its world-class markets are increasingly attracting international and domestic investment from retail and institutional investors. Our capital markets are deepening and diversifying rapidly. Empower’s listing underscores the sustained momentum of IPOs on DFM since the start of the year, as new issuers raised AED33.4 billion and attracted a record level of subscribed funds totaling 659.2 billion AED.

The DFM did not apply any price limits on the shares on the first day of trading, as they will be applied from the second day of trading.

It should be noted that DFM’s investor base exceeded one million for the first time at the end of September 2022. The number of new investors increased 41 times to 155,060 investors.