DUBAI, UAE, 8 November 2022: Emirates Central Cooling Systems Corporation PJSC (Empower) today announced that following approval from the Securities and Commodities Authority (SCA), Dubai Electricity and Water Authority PJSC (DEWA) and Emirates Power Investment LLC (Emirates Power), an indirectly wholly owned subsidiary of Dubai Holding LLC (Dubai Holding), together the Selling Shareholders, have exercised their right to increase the number of shares offered in the First Tranche of Empower’s initial public offering (IPO) from 100,000,000 ordinary shares to 300,000,000 ordinary shares, following significant demand and oversubscription from retail investors.

According to Empower, this will result in the Qualified Investors Tranche being reduced from 1,900,000,000 ordinary shares to 1,700,000,000 ordinary shares. The offer size remains unchanged at 20% of the company’s share capital, with DEWA and Emirates Power continuing to own 56% and 24% of Empower’s existing share capital, respectively, following the offering, Empower said.

Based on the previously announced price range of AED 1.31 – AED 1.33 per share, the Retail Tranche will now be between AED 393 million and AED 399 million (approximately USD 107 million and USD 109 million), representing 15% of the total deal size, Empower said.

The new Retail Tranche size was determined by the Selling Shareholders and follows the announcement, on November 4, 2022, to increase the offer size to 20%, Empower said.

According to Empower, the subscription period remains unchanged, with closing dates on November 7, 2022 for UAE Retail Investors and on November 8, 2022 for Qualified Investors. Empower is expected to list on the Dubai Financial Market (DFM) on November 15, 2022.