Multiply joins Emirates Investment Authority, Abu Dhabi holding company ADQ, the UAE Strategic Investment Fund, Alpha Dhabi Partners and Investment Holdings as cornerstone investors in the IPO.
Together, these companies have committed up to Dh4.7 billion ($1.27bn), Dewa said on Thursday.
Alpha Dhabi said in a separate statement that it would invest Dh367m in the IPO.
Dewa's “unique positioning, attractive financial profile and clear strategic objectives make it an attractive investment for Multiply Group”, said Samia Bouazza, chief executive and managing director at Multiply Group.
“Furthermore, as regional capital markets continue to perform favourably, we believe that our investment into Dewa will generate substantial value for our shareholders.”
Dewa is the first government entity to sell its shares in an IPO on the Dubai Financial Market and its listing is part of Dubai's strategy to float 10 state-owned companies and increase the size of the emirate's bourse to Dh3 trillion.
The emirate also set up a Dh2bn market maker fund last year to encourage the listing of more private companies from sectors such as energy, logistics and retail.
The utility plans to raise as much as Dh7.96bn from its IPO, which could be Dubai's biggest listing in 15 years.
Multiply Group, a subsidiary of the International Holding Company, plans to invest $845m raised from its listing on the Abu Dhabi Securities Exchange last year to expand its global portfolio, Ms Bouazza told The National in January.
It has a “strong and promising” pipeline of potential acquisitions and is evaluating several deals, she said.
The company, which closed six investment transactions in 2021, currently has stakes in Emirates Driving Company, Omorfia Group, Viola Communications, Firefly, Yieldmo, Getty Images and e-commerce fashion company Savage X Fenty.
Multiply listed on the ADX in December through a private placement deal that was 16 times oversubscribed.