The offering size reached approximately 1.2 billion dirhams ($315 million).
The IPO witnessed a huge demand exceeding 150 billion UAE dirhams (about 41 billion dollars) from international investors and investors in the UAE and the Gulf Cooperation Council region, which means that the level of subscription in general exceeded the target value by more than 130 times for all segments combined. This is the largest demand ever for an IPO on the Dubai Financial Market.
The public offering witnessed huge demand among the global investor community, as subscription requests from professional investors exceeded the subscription volume approximately 135 times.
The IPO received a large response from local investors, and the volume of demand for the segment of individual investors exceeded 13 billion dirhams, and orders exceeded more than 94 times after increasing the number of shares allocated to individual investors.
This great interest reflects investors’ confidence in the great growth prospects of Dubai Taxi Company, as the IPO supports the vision of mobility and sustainability in Dubai and represents a confirmation of the great confidence in Dubai’s thriving capital markets.
Dubai Taxi Company shares are expected to begin trading on the Dubai Financial Market on Thursday, December 7, 2023 under the symbol “DTC,” and the company’s market value upon listing will be approximately AED 4.6 billion (about $1.26 billion).
Based on the final offering price, the market value of Dubai Taxi Company upon listing is expected to be approximately AED 4.6 billion (about $1.26 billion).
After the completion of the IPO, the Department of Finance, which represents the Dubai government, will retain 75.01 percent of the company’s current capital.
Investors who participated through the segment of individual subscribers in the United Arab Emirates will be notified of the shares allocated to them via SMS on Tuesday, December 5, 2023, and the process of returning excess subscription amounts is expected to begin on the same date.
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