Dubai, UAE— Salik, Dubai toll operator, has listed on Dubai Financial Market under the name of “SALIK”, after the offering was oversubscribed by 49 times.
It is the third public offering and listing on the DFM in 2022 to date, as part of the accelerated steps to implement Dubai’s strategy to develop financial markets, which includes offering shares in ten leading entities.
Mattar Al Tayer, Chairman of Salik, rang the DFM market opening bell to celebrate the listing, in the presence of Helal Al Marri, Chairman of the DFM, Ibrahim Sultan Al Haddad, Chief Executive Officer of Salik and Hamed Ali, CEO of the DFM and Nasdaq Dubai, as well as senior executives from both sides.
The Company’s shares began trading under the symbol “SALIK”, culminating its successful public offering. The strong demand toward the issuance prompted the company to raise the offered shares to 1,867,500,000 shares representing 24.9 percent of its share capital at a price of AED2 instead of 20 percent as initially planned.
The offering was oversubscribed by 49 times as it has attracted orders with a total value of AED184.2 billion, in a clear indication on the strong demand for Salik’s shares from various investor categories.
For his part, Helal Al Marri, chairman of the DFM, said, “The listing of the shares of this unique company supports Dubai’s ambitious strategy to develop its financial markets, strengthening its leadership and boosting its prospects. Dubai has always been a regional leader in terms of offering stakes in government groups since 2006 beginning with the listing of the DFM Company itself. Today’s listing is the third of its kind since April 2022, which underscores the commitment of the Supreme Committee for the Development of Financial Markets, led by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, to implement the strategy and achieve its objectives with the highest levels of efficiency and at the earliest possible timeframe as Dubai used to deliver.”
Ibrahim Sultan Al Haddad, chief executive officer of Salik, said, “We are delighted to have successfully completed the IPO and to begin our journey with our new shareholders as a DFM-listed company. The overwhelming demand that we witnessed for the IPO is testament to Salik’s robust business model, as well as the fundamentals underpinning Dubai’s capital markets. We have full faith in Salik’s long-term principles and values, and we are fully committed to delivering great value over the long term to all our shareholders.”