DUBAI - Dubai's utility DEWA said on Saturday it has increased the retail portion of its initial public offering by almost three times, boosting the overall deal size to as much as 22.32 billion dirhams ($6.08 billion)

The retail tranche was increased to 760 million shares from 260 million shares due to "significant demand and over-subscription from retail investors", it said in a statement.

Dubai Electricity and Water Authority's (DEWA) public share sale, which will now offer 9 billion shares, is the biggest to date in the Emirate and is also set to become the biggest for the region since Saudi Aramco's record $29.4 billion in 2019.

Demand has been strong during the book-building process at the top end of the price range, sources familiar with the matter told Reuters on Friday.

DEWA had previously boosted the size of the institutional tranche.

The IPO aims to help the Dubai bourse compete more effectively with bigger exchanges in the region, such as those in Saudi Arabia and neighbouring Abu Dhabi.

Citigroup, Emirates NBD Capital and HSBC are joint global coordinators, while Credit Suisse, EFG Hermes, First Abu Dhabi Bank PJSC and Goldman Sachs are joint bookrunners.

($1 = 3.6726 UAE dirham)

(Reporting by Saeed Azhar; Editing by Alison Williams, Kirsten Donovan)