Dubai to offer 25% of taxi operator in IPO testing market appetite
Dubai plans to offer 25% of shares in its taxi business through an initial public offering (IPO), the company said in a statement on Monday, the latest public share sale as part of a broader privatisation programme of state assets.
Dubai Taxi Company (DTC), the largest taxi operator in the Gulf city state by market share, will offer 624.8 million shares, which are expected to list on the Dubai Financial Market in December.
The subscription period for the IPO will run from Nov. 21 to Nov. 28 for retail investors in the United Arab Emirates, and Nov. 29 for other investors, the statement said.
Dubai raised nearly $8.5 billion from five IPOs last year, fuelled by a government plan to list 10 state-linked companies to boost stock market activity, repay debt and deepen capital markets.
But unfavourable market conditions and global volatility this year have slowed momentum across the region.
The subscription period for the IPO will run from Nov. 21 to Nov. 28 for retail investors in the United Arab Emirates, and Nov. 29 for other investors, the statement said.
Dubai raised nearly $8.5 billion from five IPOs last year, fuelled by a government plan to list 10 state-linked companies to boost stock market activity, repay debt and deepen capital markets.
But unfavourable market conditions and global volatility this year have slowed momentum across the region.
Source: Reuters
