Dubai Taxi Company (DTC), a leading provider of comprehensive mobility solutions in Dubai, has announced its intention to proceed with an initial public offering (IPO) and to list its ordinary shares for trading on the DFM.
The selling shareholder expects to sell 24.99 percent of the total issued share capital of DTC (equivalent to a total of 624,750,000 Shares), with the selling shareholder retaining the right to amend the size of the offering and the size of each tranche at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and the approval of the SCA.
The Department of Finance, representing the government of Dubai, will retain the remaining 75.01 percent shareholding, the company said in a statement.
“Through this offering, DTC is proud to support the continuation of the privatization program pursued by the Emirate of Dubai, providing a further opportunity for foreign investment and fostering a culture of world-leading innovation and industry,” Mr. Ibrahim Kalbat added.
The UAE retail offering subscription period is expected to run from 21st November 2023 to 28th November 2023, with the qualified investor offering subscription period expected to run from 21st November 2023 to 29th November 2023.
The offer price per share will be determined through, and following, a book-building process pursuant to the qualified investor offering. Investors participating in the UAE retail offering will subscribe to the shares at the offer price.
The completion of the offering and admission is currently expected to take place in December 2023, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of admission to listing and trading on the DFM.
According to the statement, Rothschild & Co Middle East Limited has been appointed as the Independent Financial Advisor. Citigroup Global Markets Limited, Emirates NBD Capital, and Merrill Lynch International have been appointed as Joint Global Coordinators and Joint Bookrunners.
EFG-Hermes UAE Limited (acting in conjunction with EFG Hermes UAE) and First Abu Dhabi Bank have been appointed as Joint Bookrunners. Emirates NBD Bank has been appointed as the Lead Receiving Bank. Abu Dhabi Islamic Bank, Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, and Mashreq Bank have also been appointed as Receiving Banks.