* Expected to be biggest Dubai IPO since 2007

* Indicative price range 2.25-2.48 dirhams per share

* Set to be biggest company by market value on Dubai bourse

DUBAI, March 24 (Reuters) - Dubai Electricity and Water Authority (DEWA) is looking to raise as much as 8.06 billion dirhams ($2.19 billion) in its initial public offering, marking the largest such deal in the emirate since DP World in 2007.

The state utility firm's public share sale kicks off the first of 10 planned listings of state-linked companies aimed at reviving Dubai's local bourse.

DEWA set an indicative range for its shares on Thursday, with the company selling 3.25 billion shares, or 6.5% of existing shares, at between 2.25 dirhams and 2.48 dirhams each, according to a statement.

An implied market capitalisation of as much as $33.76 billion would make DEWA the largest company on the Dubai Financial Market by market value, it said.

Emirates Investment Authority, state holding company ADQ, Multiply Group, Alpha Dhabi Partners and Investment Holdings Est will become cornerstone investors in the IPO with a total commitment of up to $1.3 billion, it said.

The IPO subscription for institutional and retail investors kicks off on Thursday, and the company expects shares to list and trade on the Dubai Financial Market on April 12.

"The appetite is going to be high ... it is gonna be a success," said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital. "If they sold 10% of the company that won't be a surprise."

DEWA said the selling shareholder - the Dubai government - reserved the right to increase the size of the offering at any time before the end of the subscription period.

COMPETITION

The listing plans also aim to help the Dubai stock market compete more effectively with bigger exchanges in the region, such as those in Saudi Arabia and neighbouring Abu Dhabi.

Saudi Arabia has seen a flurry of IPOs since Aramco's record $29.4 billion listing in 2019, as it encourages family-owned businesses to list, while its main sovereign wealth fund has monetised assets through share sales.

Dubai's deputy ruler, Sheikh Maktoum Bin Mohammed, in November announced plans to take 10 government-linked companies public to boost stock market activity.

DEWA expects to pay a minimum annual dividend of 6.2 billion dirhams ($1.69 billion) over the next five years, starting in October 2022, it said earlier this month, with dividends planned twice a year - in April and October.

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

($1 = 3.6726 UAE dirham) (Reporting by Saeed Azhar Editing by Uttaresh.V and Mark Potter)