Dubai Taxi Company (DTC) has officially announced the commencement of its initial public offering (IPO), revealing a price range of Dh1.80 to Dh1.85 per share. The IPO, comprising 624,750,000 existing shares, equivalent to 24.99% of DTC’s total issued share capital, is set to captivate both retail and qualified investors in the UAE.
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Key IPO Details:
1. Offer Price Range: The Offer Price Range has been set between Dh1.80 and Dh1.85 per share, implying a market capitalization ranging from Dh4.5 billion to Dh4.6 billion ($1.2 billion) at the time of listing.
2. Subscription Period: The IPO subscription period commenced today and is slated to close on November 28 for UAE Retail Investors and on November 29 for Qualified Investors.
3. Shareholder Details: All shares to be offered are existing shares held by the Department of Finance for the Government of Dubai as the selling shareholder.
4. Book-Building Process: The final offer price will be determined through a book-building process, with the announcement expected on November 30.
5. Completion and Admission: The completion of the offering and admission to listing and trading on the Dubai Financial Market (DFM) is anticipated to occur on December 7, contingent on market conditions and regulatory approvals.
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CEO’s Perspective:
Mansoor R. Alfalasi, Chief Executive Officer of DTC, expressed delight at opening the subscription period, stating, “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.”
Financial Advisors and Coordinators:
Rothschild & Co Middle East Limited serves as the Independent Financial Advisor, while Citigroup Global Markets Limited, Emirates NBD Capital PSC, and Merrill Lynch International are appointed as Joint Global Coordinators and Joint Bookrunners. EFG-Hermes UAE Limited and First Abu Dhabi Bank PJSC act as Joint Bookrunners.
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Receiving Banks:
Emirates NBD Bank PJSC leads as the Lead Receiving Bank, and Abu Dhabi Islamic Bank PJSC, Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank PJSC, and Mashreq Bank have also been appointed as Receiving Banks.
Investors are eagerly eyeing this significant development in Dubai’s financial landscape, anticipating the successful culmination of the IPO and subsequent trading on the DFM.
