Dubai Taxi sets IPO price range, valuing company at up to $1.25 billion

Dubai Media Office

Dubai Taxi Company has announced the price range for the sale of its shares and the start of the subscription period for its initial public offering (IPO).

In a statement issued on Tuesday, the company said the Offer Price Range had been set between AED1.80 and AED1.85 per share, implying a market capitalisation of up to AED 4.6 billion ($1.25 billion).

The company also declared a total of 624.75 million shares, equivalent to 24.99 per cent of DTC’s total issued share capital, will be offered.

All shares to be offered are existing shares held by the Department of Finance for the Government of Dubai as the selling shareholder.

The IPO subscription period starts on Tuesday and is expected to close on November 28 for UAE Retail Investors and on November 29 for Qualified Investors. The final offer price will be determined through a book-building process and is expected to be announced on November 30.

The statement added that the completion of the Offering and Admission is currently expected to take place on 7 December, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of Admission to listing and trading on the DFM.

More from Business News