DUBAI, UAE–Salik Company has increased the number of shares offered in its Initial Public Offering (IPO) from 1.5 billion to 1.86 billion ordinary shares, which would result in an increase in the offer size from 20 percent to 24.9 percent of Salik’s share capital.
The Government of Dubai will continue to own 75.1 percent of Salik’s existing share capital.
The subscription period for the Salik IPO remains unchanged. The UAE Retail Offer will close on September 20 and the Qualified Investor Offering will close on September 21.
Salik is expected to commence trading on the Dubai Financial Market (DFM) on September 29 under the symbol “SALIK”. The Company’s starting market capitalization is expected to be AED15.0 billion ($4.1 billion).
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.