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White & Case advises DEWA on landmark US$6.1 billion IPO

Global law firm White & Case LLP acted as issuer's counsel on the initial public offering (IPO) of Dubai Electricity and Water Authority PJSC (DEWA), the utility company for the Emirate of Dubai.

"White & Case has now advised the issuer on both of the largest IPOs in the Middle East and North Africa region – that Saudi Aramco IPO in 2019 and now the DEWA IPO," said White & Case partner Ali Shaikley, who co-led the Firm's deal team. "Our work on this transaction solidifies our position as the leading legal advisor for high stakes IPOs in the MENA region."

The IPO raised AED 22.32 billion (US$6.1 billion) in proceeds and, on listing, DEWA will have a market capitalization of AED 124 billion, making it the largest IPO in the United Arab Emirates, the largest company listed on the Dubai Financial Market, and the largest public listing in the Middle East and North Africa since 2019.

The bookbuilding and subscription process was completed during the first week of April 2022, setting the final offer at the top of the price range at AED 2.48 per share, by the government of Dubai in its capacity as the selling shareholder. Following a substantial upsizing, nine billion ordinary shares were offered pursuant to the IPO, representing 18 percent of DEWA s issued share capital. This amount includes commitments from cornerstone and strategic investors amounting to approximately AED 13.8 billion.

In 2021, White & Case was ranked number 1 by Bloomberg for advising on IPOs and equity offerings in EMEA, advising clients on 121 transactions on 20 EMEA stock exchanges and raising approximately US$51 billion. The Firm s equity capital markets deal track record during 2021 included 66 IPOs, including 15 SPACs.

The White & Case team that advised on the transaction was co-led by partners Ali Shaikley (Dubai) and Laura Sizemore (London), alongside local partner Ibrahim Soumrany (Dubai), and included partners Abdulwahid Alulama (Abu Dhabi & Dubai), Claire Matheson Kirton (Dubai), Ivan Paskal (New York), Inigo Esteve (London), Debashis Dey (Dubai & London), Ibaad Hakim (Abu Dhabi), Sami Al-Louzi (Dubai) and John Parry (London), local partners William Watson and Aimy Roshan (both Dubai), counsel Habeeb Rahman (Abu Dhabi) and associates Ghislaino Kamdo, Roger Gaspard, Cassy Raby, Nour Ghaleb, Reem Gasir (all Dubai), Khawla Alatiyat, Frederic Akiki, Shamim Khan, Nisha Raman (all Abu Dhabi), Irene Ghaly (Cairo), Emily Thomson and Claudia Hasbun (both London).

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