Dubai government–backed  district cooling company Empower, which is planning to sell 10% stake in an IPO, has set the price range at between 1.31 and 1.33 dirhams ($0.35 and $0.36) per share potentially raising a maximum of $362 million.

Subscriptions are set to open on October 31, with Dubai Electricity & Water Authority (DEWA) and Emirates Power Investment offering 1 billion shares in the IPO, the state news agency WAM said on Monday. The final price will be set on November 9 with listing planned for November 15.

The company said it expects to pay a minimum annual dividend of AED850 million annually for two years after the IPO, with the dividend yield falling in the range of 6.4 to 6.5% of the indicated share price range.

UAE Strategic Investment Fund, Shamal Holding and Abu Dhabi Pension Fund will be cornerstone investors in the IPO with a total commitment of up to AED335 million.

Empower is Dubai’s  fourth state-linked firm to seek a listing this year to attract investor interest in the local stock exchange and boost the size of its capital markets.