Dubai, UAE— Salik has raised $1.017 billion in an initial public offering on the Dubai Financial Market.
According to a company statement, the IPO was oversubscribed 49 times across all tranches.
In comparison to the previously announced 1.5 billion shares, equivalent to 20 percent, the government has sold more than 1.86 billion shares of the company or 24.9 percent.
Among the cornerstone investors are the UAE Strategic Investment Fund, Dubai Holding, Shamal Holding, and Abu Dhabi Pension Fund, which have committed 606 million dirhams, representing 16.2 percent of the offering.
After listing, Cornerstone Investors’ shares are subject to a 180-day lock-up.
The Dubai government retains 75.1 percent of Salik’s existing share capital, which will be listed on the Dubai stock exchange on Sept. 29 under “SALIK.”
