Shares in utility service Dubai Electricity and Water Authority (DEWA) jumped approximately 20% following its trading debut of $6.1 billion in its initial public offering (IPO).

Shares soared as much as 23% before closing up 16% at $0.78 (2.87 dirhams), giving it a market value of $39 billion as reported by Reuters. The stock was priced at $0.68 (2.48 dirhams) per share in the IPO, which was the top end of the marketed range. The deal marks the latest sign of support for IPOs in the GCC.

“DEWA is the largest IPO in the UAE and the largest in the Europe, Middle East and Africa region so far in 2022, with 9 billion shares equals AED 22.3 billion. This IPO will further empower the growing prominence of the UAE and Dubai’s equity capital markets,” Dubai Financial Markets said in a statement.

The listing is the region’s second since 2017, marking a milestone for the nation’s trade and economic activity, as it is poised to become the Middle East’s largest since Saudi Aramco’s $29.4 billion IPO.

The water and electricity utility listing is part of 10 planned listings of government-owned assets aimed at accelerating Dubai’s capital market. The other listings in the offing include road-toll collection system Salik and enterprise operator Tecom Group.

Trading activity had picked up in Dubai over the last three months of 2021, hitting a four-year high in November after a string of initiatives to bolster activity, as per a report.

Citigroup, Emirates NBD Capital and HSBC are joint global IPO coordinators, while Credit Suisse, EFG Hermes, First Abu Dhabi Bank PJSC and Goldman Sachs are joint bookrunners.