The Dubai Electricity and Water Authority (Dewa) shares rose at the market’s opening on the main day of its exchanging at the Dubai Financial Market.
True to form, the utility administrations supplier’s portions bounced more than 21% and flooded above Dh3 per share on Tuesday.
Promptly after opening the market, Dewa’s portion crossed the Dh3 mark, mirroring a solid hunger for the utility specialist co-op’s portions.
Last week, Dewa raised Dh22.3 billion through its first sale of stock (IPO) after a mind-boggling reaction that saw the request book oversubscribed multiple times, barring foundation and key financial backers.
Setting the last proposition cost at Dh2.48 per share, the utility specialist organization pulled in Dh315 billion sought after for the IPO, including sovereign abundance reserves, private assets, and 65,000 individual financial backers.
On Monday, Dubai’s fundamental record climbed 1.3 percent, or 46.07 focuses, to 3,587.68 focuses in front of Dewa’s posting.
Wael Makarem, senior market tactician for the Mena area at Exness, said Dewa offers could revitalize exchanging volumes as interest for the stock is still high.
Dewa’s counter saw over 153.44 million offers changing hands inside the initial couple of moments of exchanging with a complete worth of Dh460.7 million, turning into the most dynamic stock on the bourse in early exchange.
