Emirates Central Cooling Systems Corporation (Empower) has announced the price range and start of the subscription period for its Initial Public Offering (IPO) on the Dubai Financial Market (DFM).

The price range for the Offering has been set between Dhs1.31 and Dhs1.33 per share, a company statement said on Monday.

The total Offering size is expected to be between Dhs1,310 million ($357 million) to Dhs1,330 million ($362 million), implying a market capitalisation at a listing of between Dhs13,100 million ($3,567 million) and Dhs13,300 million ($3,622 million).

Ahmad bin Shafar, Chief Executive Officer of Empower, said, “Empower has a proud history of pioneering sustainable cooling technology in the UAE and has played an integral role in supporting the growth of Dubai. As the largest district cooling provider in the world, Empower is inherently linked towards Dubai’s wider energy transition goals, including the Dubai Integrated Energy 2030 Strategy.

“Since announcing our intention to float on the DFM, we are extremely pleased to have received strong interest from investors. Amid Dubai’s expansion plans, a robust growth in residential real estate supply and a booming hotel capacity, we believe Empower presents a unique and attractive investment proposition for all investors.” Based on the dividend policy approved by the Board of Directors, which is expected to be a minimum dividend amount of Dhs850 million paid in 2023 or Dhs0.085 per share, the offer price range implies a dividend yield within the 6.4% to 6.5% range.