Highlights
- Dubai Taxi increases IPO Shares for Retail Investors to 74.97 million shares from 62.48 million due to high demand, representing a 12% share of the offering.
- The retail tranche, priced between Dh1.80 to Dh1.85 per share, now totals Dh135-139 million, an increase from the initially proposed 10% to 12% of the offer shares.
- The overall offering size remains at 624.75 million shares (24.99% of total capital), while the qualified investor tranche adjusted to 549.78 million shares (88% of offer shares) from the initially planned 90%.
- Dubai Taxi increases IPO Shares closing on November 28 for UAE retail investors and November 29 for qualified investors, the completion and admission of the offering are expected on December 7, pending regulatory approvals.
- DTC transitioned into a public joint stock company under Law No. (21) of 2023 earlier in the month, being recognized as a leading mobility solutions provider with a fleet of over 7,000 vehicles, including 5,200 taxis.
- Last year, Dubai witnessed a substantial boost in IPOs, accumulating nearly $8.5 billion from five offerings. This surge aligned with the government’s strategy to enhance stock market activity and fortify capital markets by listing state-linked entities.
Dubai Taxi increases IPO Shares
Dubai Taxi increases IPO Shares for Retail Investors due to high demand. Approved by the Securities and Exchange Authority (SCA), the retail tranche has surged to 74.97 million shares, a notable increase from the previously slated 62.48 million, representing 12% of the offer shares.
Price Range and Value
The retail tranche, now ranging from Dh1.80 to Dh1.85 per share, translates to Dh135-139 million, constituting 12% of offer shares, up from the initially stated 10%.
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Offering Details
While the total offering size remains at 624.75 million shares (24.99% of total capital), the qualified investor tranche now comprises 549.78 million shares (88% of offer shares), slightly reduced from the initial 90%.
Subscription Period and Closure
The subscription period for the offering remains unchanged, with closure set for November 28 for UAE retail investors and November 29 for qualified investors. The finalization of the offering and admission is anticipated on December 7, subject to market conditions and acquiring pertinent regulatory approvals in the UAE, including listing and trading approval on the Dubai Financial Markets (DFM).
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DTC’s Transition
Earlier this month, DTC obtained recognition as a public joint stock company under Law No. (21) of 2023. Renowned for providing mobility solutions, the Dubai-based firm operates a fleet of over 7,000 vehicles, including more than 5,200 taxis.
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IPO Surge in Dubai
Notably, Dubai witnessed a significant upsurge in IPOs last year, amassing nearly $8.5 billion from five offerings. This surge aligned with the government’s strategy to list 10 state-linked entities, aiming to enhance stock market activity, address debt obligations, and fortify capital markets.
