Business Insights
Dubai Taxi Company Announces IPO Plan: Key Details Revealed
Dubai Taxi Company (DTC) has unveiled plans to launch an Initial Public Offering (IPO), marking its transition into a public joint-stock company.
The move, recognized by a recent law, grants the transport solutions provider financial and administrative independence.
Share Offering Details:
- DTC will offer over 624.75 million shares, each with a nominal value of Dh0.04, constituting 24.99% of its total issued share capital.
- The company’s share capital is set at Dh100 million, divided into 2.5 billion shares fully paid, currently held by the Department of Finance for the Government of Dubai.
Eligibility and Reservation of Shares:
- The UAE retail offering is open to retail and other investors.
- Professional and other investors outside the US can participate in a separate offering.
- 5% of the offering is reserved for the Emirates Investment Authority, and an additional 5% is allocated to the Pensions and Social Security Fund of Local Military Personnel.
Subscription Period Details:
- The UAE retail offering subscription period is scheduled from November 21-28.
- The qualified investor offering period extends from November 21-29.
Dividend Payment Schedule:
- Starting from the fiscal year 2024, DTC plans to distribute dividends twice annually, in April and October.
- A first dividend of “at least” Dh71 million, related to the financial performance of Q4 2023, is expected to be paid in April 2024.
- For the fiscal year 2024 and beyond, a minimum of 85% of annual net profit will be made available for distribution, following an earnings-linked framework for the relevant period.
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