Finance Dubai Taxi’s market value forecast at $1.25bn on listing By Pramod Kumar November 21, 2023 Dubai Taxi Dubai Taxi Company's offer price is expected to be announced on November 30 Dubai Taxi Company, a unit of the state-owned Roads and Transport Authority, has set the price range for its initial public offering (IPO) at AED1.80 to AED1.85 ($0.49 to $ 0.50) per share. This gives a market capitalisation of between AED4.5 billion and AED4.6 billion at the time of listing. The subscription period for retail investors, which started on Tuesday, is expected to close on November 28. The offer period ends a day later for qualified investors. Dubai Taxi Company to list 25% stake in IPO Dubai’s Hala reports 36% rise in trips as user numbers up US developer to build flying taxis in Abu Dhabi The offer price will be finalised through a book-building process and is expected to be announced on November 30. The shares will likely start trading on the Dubai Financial Market on December 7. Dubai Taxi will issue 624.75 million shares, representing 24.99 percent of its total issued share capital. The Dubai government’s finance department owns all the shares offered. The taxi operator intends to pay dividends twice yearly in April and October starting in 2024. It expects to distribute a first dividend of at least AED 71 million, which will be paid in April 2024. For 2024 and the years after, a minimum of 85 percent of annual net profit will be made available as dividend payout. Rothschild & Co Middle East Limited has been appointed independent financial advisor. Citigroup Global Markets Limited, Emirates NBD Capital and Merrill Lynch International have been named as joint global coordinators and joint bookrunners. EFG-Hermes UAE Limited and First Abu Dhabi Bank PJSC have been appointed as joint bookrunners. Abdul Younis will chair the Dubai Taxi board of directors, while Ahmed Al Kaabi will serve as vice chair. In September 2022, Dubai toll operator Salik raised AED3.74 billion from its IPO.