Dubai Taxi increases IPO shares for retail investors
Retail offer raised to 74.97 million shares due to high demand
Dubai: Dubai Taxi Company (DTC), on Tuesday, announced a boost in its UAE retail offer shares for its initial public offering (IPO) citing overwhelming demand. Following approvals from the Securities and Exchange Authority (SCA), the retail tranche now comprises 74.97 million shares, up from 62.48 million, representing 12 per cent of offer shares. The retail tranche size, at a price range of Dh1.80 to Dh1.85 per share, is now Dh135-139 million, constituting 12 per cent of offer shares, up from the initially stated 10 per cent.
The offering size remains steady at 624.75 million shares (24.99 per cent of total capital). After the boost in the UAE retail offer, the qualified investor tranche now gets 549.78 million shares (88 per cent of offer shares), down from the initially stated 90 per cent.
The subscription period for the offering also remains unchanged, closing November 28, for UAE retail investors and November 29 for qualified investors. The completion of the offering and admission is expected to take place on December 7, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of admission to listing and trading on the Dubai Financial Markets (DFM).
DTC was recognised as a public joint stock company under Law No. (21) of 2023 earlier this month. The Dubai-based company is a leading provider of mobility solutions, operating a fleet of more than 7,000 vehicles, including more than 5,200 taxis.
Dubai raised nearly $8.5 billion from five IPOs last year, fuelled by a government plan to list 10 state-linked companies to boost stock market activity, repay debt and deepen capital markets.