DUBAI: Dubai Electricity and Water Authority (DEWA) has increased its initial public offering (IPO) size to 17% from 6.5%, the company said on Tuesday, meaning it could raise as much as $5.7 billion.

This could mark DEWA's public share-sale as potentially the biggest for the region since Saudi Aramco's record $29.4 billion in 2019.

The state utility firm said in a statement it increased the size of the tranche reserved for institutional investors from 5.9% to up to 16.4%, while the tranches for retail investors and employees will remain the same.


(Reporting by Hadeel Al Sayegh, Editing by Louise Heavens)