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Dubai Utility DEWA Set to Raise $6.1 Billion as Prices IPO

Dubai Electricity and Water Authority is set to raise 22.32 billion dirhams ($6.1 billion) after pricing its initial public offering at the top of the range
Dubai Electricity and Water Authority is set to raise 22.32 billion dirhams ($6.1 billion) after pricing its initial public offering at the top of the range
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Dubai Utility DEWA Set to Raise $6.1 Billion as Prices IPO

Dubai Electricity and Water Authority is set to raise 22.32 billion dirhams ($6.1 billion) after pricing its initial public offering at the top of the range
Dubai Electricity and Water Authority is set to raise 22.32 billion dirhams ($6.1 billion) after pricing its initial public offering at the top of the range

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.

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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.