Dubai Electricity and Water Authority (DEWA) has increased its initial public offering (IPO) size to 17%, the company said on Tuesday, meaning it could raise as much as $5.7 billion.
The state utility firm said it got approval from the stock market regulator to increase the size of its deal from a float of 6.5% to 17%, equivalent to 8.5 billion shares.
It said in a statement it increased the size of the tranche reserved for institutional investors from 5.9% to up to 16.4%.
The tranches for retail investors and employees will remain the same.
Of the total 17%, about 7% will be reserved for new strategic investors whose shares will be subject to a lock up period between 180 and 365 days.
