(Bloomberg) --
Emirates Central Cooling Systems Corp. is set to pick Citigroup Inc., Emirates NBD Bank PJSC and JPMorgan Chase & Co. as joint global coordinators to work on an initial public offering planned for later this year, according to people familiar with the matter.
Known as Empower, the company has been working with Emirates NBD and Moelis & Co., its financial advisers, to prepare a possible listing on the domestic stock exchange, the people said, asking not be named because the information is private.Â
Empower is one of 10 proposed privatizations in Dubai as part of the city's plans to bolster its capital markets and catch up with regional rivals Abu Dhabi and Riyadh, which have both seen a flurry of listings in recent years. A spokesperson at Empower did not respond to requests for comment. Citi, Emirates NBD and JPMorgan declined to comment, while Moelis didn't immediately respond.Â
The listing will test whether Middle Eastern investor appetite, a rare bright spot in an otherwise gloomy year for share sales, is holding firm. The city's first disposal in April was a success, with Dubai Electricity & Water Authority valued at $6.1 billion in an IPO that was 37 times oversubscribed.Â
Real estate firm Tecom Group has proved less of a draw, falling as much as 17% in its Dubai debut on Tuesday, a rare occurrence for IPOs in the region, despite being covered 21 times during book building. Emirates NBD was involved in both of these floats, while Citi and Moelis worked on the DEWA sale.
Bloomberg News has reported that a float of the city's road-toll system is set to follow after the summer.Â
DEWA, which owns 70% of Empower, aims to list the latter company by the end of the year, Chief Executive Officer Saeed Mohammed Al Tayer told Bloomberg Television in April. Tecom owns the rest of the firm.Â
Established almost two decades ago, Empower says it's the world's largest district cooling services provider, serving more than 140,000 corporate and individual consumers and controlling most of the industry in Dubai.Â
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