RIYADH: After raising $6.1 billion in a record initial public offering, the CEO of the Dubai Electricity and Water Authority said the firm has no plans to sell more stock.
It is also eyeing 7.4 billion dirhams ($2 billion) in 2023 profit, amid a prospective IPO of its district cooling unit by the end of this year, Saeed Al-Tayer told Bloomberg.
The state-owned utility provider had recently drawn strong investor interest when it floated an 18 percent stake, in the region’s top initial share sale since oil giant Saudi Aramco.
“As Dubai expands, DEWA foresees continuous growth in all our main lines of business,” Al-Tayer said.
He added that the size and timing of the potential offering of 70 percent-owned Emirates Central Cooling Systems Corp., known as Empower, are still “under study.”
DEWA is seeking to spend 40 billion dirhams to expand over the next five years, with more focus on renewable energy, according to Bloomberg.