DUBAI: Dubai Electricity and Water Authority’s (DEWA) initial public offering (IPO), which could raise up to $5.7 billion, has seen heavy demand during its book-building process at the top end of the price, sources familiar with the matter said.

Books are “heavily oversubscribed” at top end of the an indicative price range of between 2.25 dirhams ($0.6126) and 2.48 dirhams, one of the sources said.

The final price will be determined next week as books close on April 5.

DEWA’s public share sale is seen as potentially the biggest for the region since Saudi Aramco’s record $29.4 billion in 2019.

DEWA was not immediately available to comment.

DEWA more than doubled the size of its initial public offering (IPO) on Tuesday.he listing is aimed at helping the Dubai stock market compete more effectively with bigger exchanges in the region, such as those in Saudi Arabia and neighbouring Abu Dhabi.