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Emirates Central Cooling Systems Corporation's (Empower) IPO raised 2.66 billion dirhams ($724 million) after pricing its shares at AED1.33 per share, the top of the indicated range.
The offering, which was upsized twice due to high investor interest, was oversubscribed drawing total bids worth $34 billion, the company said in a statement on Wednesday.
The district cooling firm will have a market capitalisation of AED13.3 billion. Empower is expected to commence trading on the DFM on November 15, 2022 under the symbol 'EMPOWER'.
(Writing by Brinda Darasha; editing by Seban Scaria)
