Dubai road-toll operator Salik’s IPO to sell 20% shares

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Salik, a Dubai-based road-toll operator, announced on Monday that it will list 20 percent of its shares. Wikipedia pic
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  • According to its intention-to-float document, the company is selling 1.5 billion shares and the offer price will be confirmed on September 22
  • The Salik electronic toll collection system was introduced in Dubai in 2007 to ease congestion in the regional trading hub

Salik, a Dubai-based road-toll operator, announced on Monday that it will list 20 percent of its shares by the end of September through an IPO.

According to its intention-to-float document, the company is selling 1.5 billion shares and the offer price will be confirmed on September 22 and a listing is planned around September 29. 

The company is looking to raise around $1 billion for the shares, implying a valuation of $5 billion, said sources quoted by Reuters.

The Salik electronic toll collection system was introduced in Dubai in 2007 to ease congestion in the regional trading hub, which had 3.6 million registered vehicles at the end of April, including 1.8 million registered locally.

Salik reported core earnings of $217.82 million in the first half of this year, compared with 637.41 million in the same period in 2021.

Its IPO is divided into three tranches – one for individuals, one for professionals, and one for employees.

Emirates Investment Authority, a federal sovereign wealth fund, will receive 5 percent of the shares.

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