Dubai-based DEWA to pay $97M in IPO fees

Banks participating in the Dubai Electricity & Water Authority's (DEWA) IPO, including Citigroup, HSBC Holdings and Emirates NBD Bank, will share AED357 million ($97 million) in fees. it is reported by BLOOMBERG.

DEWA's initial public offering raised approximately $6.1 billion, making it the second largest deal in 2022 and propelling Dubai to the top of the world's top listings.

According to DEWA, ​​the government that sold the 18% stake in the utility company will pay a 1% sale fee, as well as a discretionary fee of up to 0.6% of the deal. At the same time, three joint coordinators - Citi, Emirates NBD and HSBC - will receive most of the amount. The remainder will be split between four issuers   : Credit Suisse Group AG, EFG-Hermes, First Abu Dhabi Bank and Goldman Sachs Group.

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