Abu Dhabi: Dubai Taxi Company (DTC) has announced the launch of its initial public offering (IPO), offering 624,750,000 shares, which represents 24.99 percent of its capital, Dubai Media Office (DMO) reported.
The offering includes two parts – the UAE retail offerings and the qualified investor offerings.
The subscription period for UAE Retail Investors will commence on Tuesday, November 21, ending on Tuesday, November 28 and professional investors on Wednesday, November 29.
The final offer price will be determined through a book-building process, with the selling shareholder’s discretion to alter the offering’s size and tranche size.
The final offer price is expected to be announced on November 30 and the listing date is expected to be Thursday, December 7.
“Benefitting from Dubai’s exceptional infrastructure and an ambition to double the size of its economy by 2033, supported by the Dubai Urban Master Plan 2040 … Dubai Taxi Company remains key to the growth, mobility and sustainability vision of Dubai,” said Abdul Kalbat, chairman of Dubai Taxi Company.
“Through this offering, DTC is proud to support the continuation of the privatisation programme pursued by Dubai, providing a further opportunity for foreign investment.”
