RIYADH: Dubai’s Water and Electricity Authority gained almost 18 percent on the first day of its trading on Tuesday.
The utility raised just over $6 billion during its initial public offering, making it the second largest offering ever in the Middle East.
That figure still trails far below the record $29.4 billion raised by Saudi oil giant Aramco.
DEWA’s shares reached 2.92 dirhams ($0.8) as of 1:27 p.m. Saudi time, after crossing 3 dirhams earlier in the day.
The state utility is now Dubai Financial Market’s largest listed company by market cap, with a 143.5-billion-dirham valuation.
