The Dubai Taxi Company (DTC) has announced the pricing of its initial public offering (IPO) at AED 1.85 per share (AED 1 = $0.27), aiming to raise AED 1.20 billion ($315 million). The IPO has generated significant interest, with an oversubscription rate that has set a new record on the Dubai Financial Market (DFM).
DTC's CEO Mansoor R. Alfalasi attributed the strong demand for the IPO to the company's strategic investments in enhancing its fleet and advancing its technology. The IPO attracted bids worth AED 150 billion, reflecting investor confidence in DTC's growth prospects.
The company is expected to make its market debut on Wednesday, December 7, 2023, under the ticker "DTC". At the time of listing, DTC is anticipated to reach a market valuation of approximately AED 4.60 billion ($1.26 billion), with the Government of Dubai maintaining majority ownership.
The finalization of the admission process post-offering is underway, with Rothschild & Co Middle East Limited serving as the independent advisor. Citigroup, along with Emirates NBD Capital and Merrill Lynch, are acting as joint coordinators and bookrunners for this landmark public offering.
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