RIYADH: Dubai Electricity and Water Authority, or DEWA, plans to raise up to $2.2 billion in Dubai’s first-ever initial public offering of a state-owned entity, Bloomberg reported.

As Dubai’s main supplier of water and electricity, DEWA is seeking to float 3.25 million shares, or a 6.5 percent stake, at 2.25-2.48 dirhams ($0.6-0.7) in what is expected to be Dubai’s biggest listing in 15 years.

The IPO comes as part of countrywide plans to list ten state-owned companies in a bid to revive activity on its stock market.

The retail offering subscription will run from March 24 until April 2, while the qualified investor offering period will be from March 24 to April 5.  

Goldman Sachs, Citigroup, HSBC Holdings, Emirates NBD Bank are among the banks selected to manage the initial public offering process.