Press releases

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.

Press contact

Nadine El Hassan
Public Relations Regional Leader
Deloitte Middle East
Tel: +961 (0) 1 748444

Click here for the Arabic version

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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”).

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