Shares of DEWA surged more than 20% as the giant utility company began trading on the public market Tuesday.
DUBAI, United Arab Emirates — Shares of DEWA, the Dubai Water and Electricity Authority, surged more than 20% as the giant utility company began trading on the public market Tuesday, marking the first listing of its kind in the region.
Shares were trading at 3.02 UAE dirhams in the first minutes of trading versus the IPO price of 2.48 dirhams per share. DEWA in March announced its plan to sell a 6.5% stake by offering 3.25 billion shares in its public offering. Ahead of the listing, the company said that more than 65,000 local, regional and international investors took part in the IPO, raising about $6.1 billion.Download NBC 5 Dallas-Fort Worth
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