RIYADH: Dubai’s main supplier of water and electricity, DEWA, has selected Citigroup, HSBC Holdings, Emirates NBD Bank to lead its initial public offering, Bloomberg reported.
The state-owned company is expected to become the biggest listing in the emirate, and is planning to seek a valuation of around $20 billion to $25 billion.
DEWA has also picked other banks for minor roles.
While Dubai requires companies to sell at least 25 percent of their shares in IPO, the state-owned utility may opt for a smaller amount at first.
The company caters to all Dubai residents and operated 12.3 gigawatts of power capacity last year.
