Dubai Electricity and Water Authority (DEWA) is set to raise 22.32 billion dirhams ($6.1 billion) after pricing its initial public offering at the top of the range on Wednesday.
Dubai's deputy ruler and finance minister Sheikh Maktoum Bin Mohammed said in a tweet that DEWA had attracted 315 billion dirhams of demand for the IPO, with buyers including sovereign wealth funds, private fund and 65,000 individual investors.
State utility DEWA had set an indicative price range of 2.25 dirhams to 2.48 dirhams, with the top level expected to raise 22.32 billion dirhams for the Dubai government.
DEWA's public share sale is the biggest to date in the Emirate.
Demand for DEWA's IPO has been strong, prompting it to first raise the size of the institutional offer and then boosting the retail portion by almost three times on Saturday.
Citigroup, Emirates NBD Capital and HSBC are joint global IPO coordinators, while Credit Suisse, EFG Hermes, First Abu Dhabi Bank PJSC and Goldman Sachs are joint bookrunners.