Deloitte successfully advises Empower on its initial public offering on Dubai Financial Market

07 November, 2022 – Deloitte successfully advised Emirates Central Cooling Systems Corporation (Empower) on its initial public offering on the Dubai Financial Market. Empower, one of the largest district cooling services providers in the world, caters to the Dubai market.  

The IPO attracted strong demand, with the initial offer tranche fully subscribed in the first few hours of the offering, and resulting in the company increasing the offering from 10% to 15%, with AED 2 billion (USD 543 million) likely to be raised as a result. Following the IPO, Empower expects to pay AED 850 million (USD 231 million) in annual dividends, implying a 6.5% yield.  

The IPO represents a key milestone not only for the company, but also for the Emirate of Dubai, with its goal to list a number of state-owned entities as part of its strategy to monetize on some of its assets and attract liquidity to the Dubai Financial Market.

Deloitte was responsible for delivering some customary private due diligence services to the company and the local banks. As part of delivering the work, Deloitte worked closely with a large consortium of advisors, led by Moelis & Co and including Emirates NBD Capital, Merrill Lynch International and EFG-Hermes.

“The successful completion of this IPO adds to a series of strong market credentials which Deloitte’s Equity Capital Markets Team has developed over the years, including DEWA, Borouge and AlYah Satellites, and is a testament to our market leading capabilities in this space. We are delighted to have supported the company on its listing and we look forward to continue to support and deliver on a strong pipeline of IPOs over the coming months,” said Adnan Fazli, Partner, Financial Advisory, Deloitte Middle East, who led the Equity Capital Markets team on this transaction.

About Deloitte & Touche (M.E.) LLP:

Deloitte & Touche (M.E.) LLP (DME) is the affiliate for the territories of the Middle East and Cyprus of Deloitte NSE LLP (“NSE”), a UK limited liability partnership and member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”).

DME is a leader in professional services with uninterrupted presence in the Middle East since 1926 with 26 offices in 14 countries and around 5,000 partners, directors and staff. DME’s presence in the Middle East and Cyprus is established through its affiliated independent legal entities, which are licensed to operate and to provide services under the applicable laws and regulations of the relevant country. DME’s affiliates and related entities cannot oblige each other and/or DME, and when providing services, each affiliate and related entity engages directly and independently with its own clients and shall only be liable for its own acts or omissions and not those of any other affiliate.

About Deloitte:

Deloitte refers to one or more of DTTL, its global network of member firms, and their related entities. DTTL (also referred to as “Deloitte Global”) and each of its member firms are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL, NSE and DME do not provide services to clients. Please see www.deloitte.com/about to learn more. 

Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our network of member firms in more than 150 counties and territories, serves four out of five Fortune Global 500® companies. Learn how Deloitte’s approximately 300,000 people make an impact that matters at www.deloitte.com.