2023-11-21 11:45:15
Dubai taxi
In a clear indication of the high demand for the Dubai Taxi public offering, the Emirati company attracted purchase orders sufficient to cover all the shares offered within the first hour of the opening of the subscription, Tuesday, according to a report by Bloomberg.
The company, owned by the Dubai government, announced today the start of subscription to the public offering, which aims to sell 624.75 million shares, equivalent to regarding 25 percent of its shares, with a price range ranging between 1.80 and 1.85 dirhams per share, which means its desire to raise regarding 1.16 billion dirhams ( $315 million) if priced at the high end of the price range.
According to the price range, the value of the Dubai Taxi Company is estimated at approximately 4.62 billion dirhams.
Investors still have the opportunity to submit subscription applications until November 29, and the final price will be announced on November 30. The offering is expected to be completed and shares begin trading on December 7.
It is noteworthy that the initial public offering of the Dubai Taxi Company is the first sale of government shares in more than 12 months, following the Emirate of Dubai raised regarding $8.3 billion from the sale of shares in four state-owned companies in 2022, including the “Dewa” offering, all of which… It comes as part of a plan revealed regarding two years ago to list 10 government companies on the Dubai Stock Exchange.
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