Dubai Taxi Company ups IPO shares for retail investors
DUBAI, November 28, 2023
Dubai Taxi Company (DTC) today (November 28) announced an increase in the number of shares offered in the UAE retail offer of its IPO owing to significant oversubscription.
Following the approval of the Securities and Exchange Authority (SCA), the UAE Retail Offer has been increased from 62.4 million to 74.9 million ordinary shares.
Based on the previously announced price range of AED1.8 and AED1.85 per share, the size of the Retail Tranche will now be between approx. AED135 million and AED139 million, representing a total of 12% of the offer shares, compared to 10% previously announced.
According to DTC, the offering size remains unchanged at 624.7 million ordinary shares, which represents 24.99% of the company’s total issued share capital.
Following the increased allocation to the UAE Retail Offer, the Qualified Investor Tranche will be allocated 549,780,000 ordinary shares, instead of 562,275,000 ordinary shares, representing 88% of the Offer Shares, compared to 90% previously announced.
The Dubai mobility services group said subscription period for the IPO remains unchanged, closing today for UAE Retail Investors and tomorrow (November 29) for Qualified Investors.
The completion of the Offering and Admission is currently expected to take place on December 7 subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of Admission to listing and trading on the DFM, it stated.
Rothschild & Co Middle East Limited is the Independent Financial Advisor, while Citigroup Global Markets Limited, Emirates NBD Capital and Merrill Lynch International are the Joint Global Coordinators and Joint Bookrunners.
EFG-Hermes UAE and First Abu Dhabi Bank are acting as Joint Bookrunners.
Emirates NBD Bank is the Lead Receiving Bank. Abu Dhabi Islamic Bank, Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank PJSC and Mashreq Bank have also been appointed as Receiving Banks.-TradeArabia News Service