DEWA surges 15.7% on market debut

DEWA surges 15.7% on market debut

WAM: Shares in Dubai Electricity and Water Authority (DEWA) surged 15.7 percent on their market debut after its US$6.1 billion initial public offering (IPO), the region’s biggest since Saudi Aramco’s.

The stellar share rose to AED3.00 in early trade, up from the IPO price of AED2.48, before settling at AED2.87, 15.7 percent up, by the end of the session.

The utility’s shares accounted for over 73 percent of DFM’s trading value on the first trading day. The market closed at 3,568.830 points following AED1.788 billion of trades.