Skip to content Skip to Search
Skip navigation

Dubai Taxi IPO order book hits $41bn on strong demand

Dubai Taxi Company said the order book for its initial public offering (IPO) swelled to over AED150 billion ($41 billion), as it was covered 130 times Wam
Dubai Taxi Company shares are expected to list on the Dubai Finance Market on December 7

Dubai Taxi Company said the order book for its initial public offering (IPO) swelled to over AED150 billion ($41 billion), as it was covered 130 times.

“This represents the highest oversubscription level achieved by an IPO on the Dubai Financial Market,” the company, a unit of the state-owned Roads and Transport Authority, said in a statement.

The institutional investor tranche was almost 135 times oversubscribed. The retail tranche was oversubscribed over 94 times.

The IPO raised AED1.2 billion after being priced at the top end of the marketed range at AED1.85.

The company and the selling shareholder sold 624.75 million shares, or 24.99 percent of the total issued share capital.

Dubai Taxi Company CEO Mansoor R. Alfalasi said: “The exceptionally strong demand for the IPO reflects the high-quality investment opportunity provided by DTC, anchored in Dubai’s robust economic, population and tourism growth.”

Based on the final offer price, DTC’s market capitalisation upon listing is expected to be AED4.6 billion. 

Following the IPO’s completion, Dubai’s finance department will continue to own 75.01 percent of DTC’s share capital.

The share listing will take place on December 7, subject to market regulatory approvals.

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 AED71 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.

Latest articles

Adnoc has bid for German polymer manufacturer Covestro but its offers €55 and €57 per share were rejected

Adnoc faces hurdles in completing ambitious European deals

Abu Dhabi state oil company Adnoc is facing challenges to a duo of major European deals it is trying to get over the finish line, according to media reports. Talks with Austrian energy group OMV have been put on hold to allow parties to navigate a series of disagreements, the Financial Times reported on Friday. […]

The 450 companies operating at Dubai Science Park include AstraZeneca, and the free zone plans to add 200,000 sq ft of lab and office space

Dubai Science Park reveals expansion plans

Dubai’s biotechnology free zone is adding 60 percent more offices, laboratories and warehouses over the next few years to cater for an influx of new companies, its senior vice-president told AGBI.  Dubai Science Park, part of Dubai-listed Tecom Group, is planning an expansion of 200,000 sq ft of additional storage and logistics facilities at the […]

A worker at a phosphate production plant in Metlaoui, Tunisia. Phosphate accounts for 15% of Tunisia's exports

Saudi Arabia loans $55m for Tunisian rail renewal

Saudi Arabia has signed a $55 million loan deal with Tunisia to finance the renewal of the North African country’s rail network.  The railway is used to transport phosphate, a sector that makes up around 4 percent of Tunisia’s GDP and 15 percent of the country’s exports. Tunisia plans to produce eight million tonnes by […]

Visitors enjoy the Karnak Temples; the government hopes to entice 30 million tourists to Egypt a year by 2030 tourism egypt

Egypt tourism up 5% in early 2024 despite Gaza conflict

The number of tourists visiting Egypt increased by five percent year on year in the first 40 days of 2024, according to Egypt’s tourism minister, Ahmed Issa. The announcement came after reports in January that visitor numbers for the whole of 2023 reached a record high of 14.9 million, just shy of the 15 million […]