Dubai Investments, a diversified company in which sovereign wealth fund Investment Corporation of Dubai has an 11.54% stake, plans to float at least 30% of its district cooling unit Emicool by the end of 2018 on the Dubai Financial Market, its chief executive said. Dubai Investments has hired its unit, financial investment firm Al Mal Capital, to be lead manager of the IPO, the Dubai-listed company said. Prior to the IPO, the company plans to acquire two district cooling companies in the UAE with an estimated combined value of Dh600mn and then bring in investors to take a stake in Emicool, Khalid bin Kalban told The National. “We have two steps before we undertake the IPO. We have acquisitions we will make in the second quarter,” Mr bin Kalban said on Saturday. “We have investors who are interested in buying a stake in the company [Emicool] before the IPO. When we get the new investors we will decide with them the stake to be sold.” Dubai Investments bought this year an additional 50% stake in Emicool for AED500mn, giving it full ownership of the utilities company.