The subscription period for Dubai Taxi Company's upcoming initial public offering (IPO) kicked off on Dubai Financial Market today and is scheduled to close on 28 November for UAE retail investors and on 29 November for qualified investors.
Dubai Taxi Company (DTC) has set the price range between AED 1.80 ($0.49) and AED 1.85 ($0.50) per share for the sale of 24.99 percent of its total issued share capital, representing 624.750 million shares, Dubai Media Office said. This implies a market capitalization at the time of listing of between AED 4.5 billion ($1.23 billion) and AED 4.6 billion ($1.25 billion).
The Department of Finance, acting as the selling shareholder on behalf of the Government of Dubai, owns all shares that will be put up for sale.
Trading on the shares is expected to kick off on 7 December.
The IPO is the first share sale by the UAE government in more than a year, following the listing of Dubai Electricity and Water Authority (DEWA) in April 2022, which raised $6.1 billion, making it the biggest IPO in Europe and the Middle East since Aramco's.