RIYADH: Dubai Electricity and Water Authority plans to float 3.25 million shares, or a 6.5-percent stake, by April in what is expected to be Dubai’s biggest ever listing.

“This is a historical moment for DEWA as the first government entity in Dubai to go public,” CEO Saeed Mohammed Al Tayer said in a statement.

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

The state-owned entity, which is Dubai’s main supplier of water and electricity, is seeking to list its shares on the Dubai Financial Market, according to the statement.

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

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