Empower debuts on Dubai Financial Market

Supplied

Dubai Financial Market (DFM) today welcomed the successful listing of Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider.

This is the fourth public offering and listing on the DFM in 2022, and is part of Dubai’s strategy to develop its capital markets.

The company's shares began trading under the symbol EMPOWER, concluding its successful public offering that raised AED 2.66 billion giving a market capitalization of AED 13.3 billion on admission with a share price of AED 1.33.

Saeed Mohammed Al Tayer, Chairman of Empower rang the DFM market opening bell to celebrate the listing, in the presence of Helal Al Marri, Chairman of the DFM, Ahmad Bin Shafar, Chief Executive Officer of Empower and Hamed Ali, CEO of the DFM and Nasdaq Dubai.

Empower had increased the size of the offering by 100 per cent to cater to the strong demand. The offering was oversubscribed by 47 times as it drew a total of AED 124.69 billion.

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