RIYADH: The Dubai Electricity and Water Authority has called on banks to pitch for a role on an initial public offering that could value the utility at $25 billion, Arab News reported.

DEWA has named Moelis as an adviser on what will likely be the city’s biggest listing yet and the Dubai government-owned company would likely choose a mix of international and local banks.

While Dubai companies are required to sell at least 25 percent of their shares in the IPO, the utility may attempt to list a smaller amount initially, according to Bromberg.

The deal could be the first of 10 IPOs of state companies planned by Dubai as it seeks to revive trading on its bourse and catch up with Abu Dhabi and Riyadh, which have both seen multiple listings in recent months.