Shares of Dubai utility Dewa surge in Middle East’s largest IPO since Aramco

ares of Dewa, the Dubai Water and Electricity Authority, surged more than 20% Tuesday as the giant utility company began trading on the public market, marking the first listing of its kind in the region.

Shares were trading at 3.02 UAE dirhams (82 cents) on the Dubai Financial Market exchange in the first few minutes of trading, versus the IPO price of 2.48 dirhams per share. They soon pared some gains to trade at 2.88 dirhams per share by 1 p.m. local time.