Empower raises IPO size after strong demand

The Dubai-based district cooling services company Empower has raised the size of its Initial Public Offering (IPO) following strong demand from investors.

It will now offer 1.5 billion ordinary shares instead of the 1 billion announced earlier. 

This would result in an increase in the Offer Size from 10 per cent to 15 per cent of Empower’s share capital.

On Monday, Empower announced that the price range for the Offering had been set between AED 1.31 and AED 1.33 per share.

.@Empower_ae announces the increase of the number of shares offered in its PO from 1 billion ordinary shares to 1.5 billion, which would result in an increase in the Offer Size from 10% to 15% of Empower’s share capital after strong investor demand & oversubscription. pic.twitter.com/VvDmZlI8U5

— Dubai Media Office (@DXBMediaOffice) November 1, 2022