RIYADH: Dubai Electricity and Water Authority on Saturday said it has increased the retail portion of its initial public offering by almost three times, boosting the overall deal size to as much as 22.32 billion dirhams ($6.08 billion).

The retail tranche was increased to 760 million shares from 260 million shares due to “significant demand and over-subscription from retail investors,” it said in a statement.

The subscription period for the DEWA IPO remains unchanged. It closed on Saturday for UAE retail investors and will close on April 5 for qualified domestic and international institutional investors. DEWA is expected to list on the Dubai Financial Market on or around April 12.