Dubai Taxi Company Launches IPO, Unveils Price Range

Dubai Taxi Company (DTC) has initiated its initial public offering (IPO) by announcing crucial details, including the offer price range and subscription period for interested investors.

Offer Price Range and Share Details:

DTC disclosed the offer price range for its shares, set between Dh1.80 and Dh1.85 each, indicating a market capitalization between Dh4.5 billion and Dh4.6 billion ($1.2 billion) upon listing. 

The company will offer 624,750,000 existing shares, representing 24.99% of its total issued share capital, held by the Department of Finance for the Government of Dubai.

Subscription Period and Closing Dates:

The IPO’s subscription period commenced today and is slated to conclude on November 28 for UAE Retail Investors and November 29 for Qualified Investors. 

The final offer price will be determined via a book-building process and announced on November 30. Completion of the Offering and Admission is tentatively set for December 7, subject to market conditions and regulatory approvals in the UAE.

CEO’s Perspective:

Mansoor R. Alfalasi, CEO of DTC, expressed enthusiasm about the IPO, highlighting the company’s strong investment prospects, marked by robust market fundamentals and growth opportunities facilitated by its fleet of over 7,000 vehicles.

Key Appointments and Advisors:

Rothschild & Co Middle East Limited serves as the Independent Financial Advisor. At the same time, Emirates NBD Capital PSC, Citigroup Global Markets Limited, and Merrill Lynch International are appointed as Joint Global Coordinators and Joint Bookrunners. 

EFG-Hermes UAE Limited, in partnership with EFG Hermes UAE LLC and First Abu Dhabi Bank PJSC, acts as Joint Bookrunners.

Additionally, Emirates NBD Bank PJSC leads as the Receiving Bank, with Abu Dhabi Islamic Bank PJSC, Ajman Bank, Dubai Islamic Bank, Commercial Bank of Dubai, Emirates Islamic Bank, First Abu Dhabi Bank PJSC, and Mashreq Bank appointed as Receiving Banks.