Search Site

Saudi Aramco says foreigners grab ‘majority’ of share offering

Riyadh, Saudi Arabia - Oil giant Saudi Aramco said Sunday that international investors had snatched up the bulk of shares sold...

UBS-Credit Suisse merger completed

The fallen Credit Suisse AG legally ceases to exist.

Amazon to invest $17bn in Spain  

The investment will be made in data centers in Aragon region.

Microsoft unveils ‘AI-ready’ PCs

The company's pivot to AI has been celebrated by Wall Street.

TAQA Q1 net income $571m

Net income fell $2.58bn due to one-off items recognized in 2023.

DTC sets IPO offer price range

All shares to be offered are existing shares held by the Department of Finance for the Government of Dubai as the selling shareholder. (WAM)
  • The company announced that the offer price range had been set between US$0.49 (AED1.80) and US$0.5 (AED1.85) per share.
  • This implies a market capitalization at the time of listing of between US$1.2 billion (AED4.5 billion) and US$1.25 billion (AED4.6 billion).

DUBAI, UAE – Dubai Taxi Company (DTC) on Tuesday announced the price range for the sale of its shares (Offer Price Range) and the start of the subscription period for its initial public offering (IPO).

In a statement issued by DTC, the company announced that the offer price range had been set between US$0.49 (AED1.80) and US$0.5 (AED1.85) per share, implying a market capitalization at the time of listing of between US$1.2 billion (AED4.5 billion) and US$1.25 billion (AED4.6 billion).

Moreover, the company also declared a total of 624,750,000 shares, equivalent to 24.99 percent of DTC’s total issued share capital, will be offered.

All shares to be offered are existing shares held by the Department of Finance for the Government of Dubai as the selling shareholder.

The IPO subscription period starts on Tuesday and is expected to close on November 28 for UAE retail investors and on November 29 for qualified investors.

The final offer price will be determined through a book-building process and is expected to be announced on November 30.

The statement added that the completion of the offering and admission is currently expected to take place on December 7, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of admission to listing and trading on the DFM.

Mansoor R. Alfalasi, Chief Executive Officer, DTC, said, “We are delighted to open the subscription period for the Dubai Taxi Company IPO to all professional investors and retail investors in the UAE.”

He said, “We have seen strong interest in the IPO since announcing our intention to float last week, reflecting DTC’s compelling investment story which combines strong market fundamentals and an attractive growth opportunity powered by our fleet of over 7,000 vehicles.”

Rothschild Co Middle East Limited has been appointed as the Independent Financial Advisor.

Citigroup Global Markets Limited, Emirates NBD Capital PSC and Merrill Lynch International have been appointed as Joint Global Coordinators and Joint Bookrunners.

EFG-Hermes UAE Limited (acting in conjunction with EFG Hermes UAE LLC) and First Abu Dhabi Bank have been appointed as Joint Bookrunners.

Emirates NBD Bank has been appointed as the Lead Receiving Bank. Abu Dhabi Islamic Bank, Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank and Mashreq Bank have also been appointed as Receiving Banks.