Dubai Taxi providing values firm at AED 4.6 billion

Dubai Taxi Company (DTC) has introduced its preliminary public providing (IPO) has raised AED 1.2 billion, after the share worth was set at AED 1.85, the highest finish of the beforehand introduced vary.

It means DTC’s market capitalisation upon itemizing is anticipated to be roughly AED 4.6 billion. Following the completion of DTC’s IPO, the Department of Finance, representing the Government of Dubai (the “Selling Shareholder”), will proceed to personal 75.01 per cent of DTC’s share capital.

The Company and the Selling Shareholder confirmed the beforehand introduced Offering measurement consisting of a complete of 624,750,000 shares, equal to 24.99 per cent of DTC’s whole issued share capital.

Applications from worldwide and regional institutional buyers and retail buyers within the UAE, have been valued at over AED150 billion, implying the sale was oversubscribed by 130 instances – the very best over-subscription stage achieved by an IPO on the DFM.

The IPO will lead to whole gross proceeds of round AED 1.2 billion being paid to the Department of Finance representing the Government of Dubai, after adjusting for any bills associated to the Offering.

Investors who subscribed by the First Tranche, “UAE Retail Offering”, will obtain an SMS affirmation of their respective allocation on December 5, with refunds as a consequence of start from the identical date.

The completion of the Offering and Admission is at the moment anticipated to happen on December 7, underneath the image “DTC” and ISIN “AEE01356D236”, topic to market situations and acquiring related regulatory approvals within the UAE, together with approval of Admission to itemizing and buying and selling on the DFM.

The DTC’s Initial Public Offering is now closed.
The remaining providing worth has been set at AED 1.85. The subscription attracted important demand, exceeding over AED 150 billion, and marking an oversubscription worth of greater than 130 instances.#DubaiTaxiPJSC#DubaiTaxiShares#IPO pic.twitter.com/6MM7mpVOcj

— DTC (@DTCUAE) November 29, 2023