Dubai’s central air conditioning provider Empower will float publicly soon, but not in the first quarter of 2022, Dubai Electricity and Water Authority’s (DEWA) CEO said in an interview with Al Arabiya.
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Empower announced via the Dubai Media Office in December that it would launch an initial public offering by the end of this year.
CEO Mohammed al-Tayer said in the interview that the IPO will happen “soon,” without giving a specific date.
Empower provides district cooling to residential and office buildings in Dubai via a network of underground pipes that supply cooled water.
It operates a pipeline network of more than 369 kilometers, which grew more than 33.2 percent from 2018 to 2021.
The company’s services operate on more than 1.64 million refrigeration tons.
A refrigeration ton is a measure of cooling capacity representing how much power it would take to freeze a ton of ice in 24 hours.
The company posted a revenue of $670.8 million (AED 2.464 billion) for the year 2022.
Empower says that it serves 1,413 buildings and saw an increase of 17 percent in consumption in 2021.
The company made three large acquisitions in 2021 worth a total of $540 million.
It snapped up Nakheel’s district cooling assets worth $234.1 million, Palm Utilities and Palm District Cooling for $498.2 million, and Meydan City Corporation assets worth $27.2 million.
The planned IPO comes amid a raft of Dubai companies going public.
Most significantly, DEWA was listed in April of 2022, becoming the second-largest public offering of a Gulf company after Saudi Aramco’s float in 2019.
DEWA raised $6.1 billion when it went public.
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