DUBAI: Dubai’s Emirates Central Cooling Systems Corp., or Empower, plans to launch its initial public offering next week, company executives said on Monday. Empower is the fourth state-linked entity to seek a listing this year in Dubai in a program aimed at boosting investor interest in the domestic stock exchange. Reuters reported in May that Empower invited banks to pitch for roles in the IPO. Shareholders Dubai Electricity & Water Authority and Emirates Power Investment will offer a 10 percent stake, equivalent to 1 billion shares. DEWA will sell 7 percent and Emirates Power 3 percent, giving them holdings of 63 percent and 27 percent, respectively, following the IPO, if the offering size is not increased. Subscriptions open on Oct. 31, when the price range will be announced, and close on Nov. 7. Final pricing will be set on Nov. 9 and Empower’s shares, which will have a nominal value of 0.10 dirhams ($0.0272), are expected to begin trading on Nov. 16. Empower is “having extensive discussions with local, regional and international investors and we will continue to have this conversation” until Nov. 9, said Chief Financial Officer Ramesh Ramadurai. Dubai’s Deputy Ruler, Sheikh Maktoum Bin Mohammed, announced plans in November to list 10 government-linked entities. Empower plans to pay a minimum of 850 million dirhams in dividends in each of the first two fiscal years after the IPO, it said in a statement. “After the October 2024 distribution, the company expects to pay a sustainable dividend in line with the growth of the business,” Empower added. Citi, Emirates NBD Capital and Merrill Lynch International are joint global coordinators and EFG Hermes joins them as joint book-runner. “We have about 80 percent of Dubai’s market,” CEO Ahmad Bin Shafar said, adding the company planned to expand in the UAE and Saudi Arabia, Oman, Bahrain and Egypt.