Dubai utility DEWA rises 20% above IPO price

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DUBAI (Reuters) – Shares in Dubai Electricity and Water Authority (DEWA) surged about 20% on their market debut on Tuesday after its $6.1 billion initial public offering (IPO), the region’s biggest since Saudi Aramco.

The utility’s shares rose to 2.98 dirhams ($0.8114) in early trade, up from the IPO price of 2.48 dirhams per share.

(This story has been refilled to correct Reuters instrument code to DEWAA.DU, not DEWA.DU)

($1 = 3.6726 UAE dirham)

(Reporting by Hadeel Al Sayegh; Editing by David Goodman)