Dubai Taxi Company fixes share price to raise Dh1.2 billion, oversubscribed 130 times

Dubai: Dubai Taxi Company PJSC [DTC] announced on Wednesday that it has fixed per share price at Dh1.85, at the top end of the offer price range released earlier.

This results in a total offering size of around Dh1.2 billion or $315 million for a total of 624,750,000 shares.

The company said in a statement that the offering was oversubscribed by 130 times - the highest oversubscription level achieved by an IPO on the DFM. The oversubscription is equivalent to demand of over Dh150 billion (equivalent to approximately $41 billion).

Based on the final price, DTC’s market capitalisation upon listing is expected to be approximately Dh4.6 billion (equivalent to approximately $1.26 billion).

Following the completion of the IPO, the Department of Finance, representing the Government of Dubai, will continue to own 75.01 per cent of DTC’s share capital.