BlackRock, Vanguard among investors in Dubai utility’s $6.1bn IPO: Bloomberg

RIYADH: BlackRock and Vanguard Group have invested in Dubai Electricity and Water Authority’s $6.1 billion initial public offering, Bloomberg reported, citing unnamed sources.

DEWA also attracted investments from Fidelity Investments, T. Rowe Price, and Singapore’s sovereign wealth fund, it added.

UAE-based investors covered half of the total order book, around 30 percent were by international investors, and the Gulf accounted for the remaining share.

BlackRock declined to comment to Bloomberg on the news.

Despite missing out on last year’s boom that was led by Riyadh and Abu Dhabi, the state utility was the world’s second-biggest initial share sale this year, after LG Energy Solution.

It drew billions of dollars from investors, and marked the biggest regional IPO since Saudi oil giant Aramco raised $25 billion in 2019.