Dubai Taxi is going public next month:Dubai’s Road and Transport Authority (RTA) is taking its taxi business to the Dubai Financial Market next month, offering 624.8 mn shares — representing a 25% stake — at a nominal value of AED 0.04 per share, the company said in its intention tofloat(pdf). The offering is expected to raise some USD 300 mn, Bloomberg previously reported. In preparation for the listing, the government has changed the company’s legal status into a public joint stock company and rebranded it from Dubai Taxi Corporation to Dubai Taxi Company.

The timeline: The Dubai Taxi Company (DTC) will hold an eight-day book building process from 21-28 November for retail investors and from 21-29 November for institutional investors. The final offer price will be announced a day later, with the company expected to make its DFM debut on 7 December.

ADVISORS- Citi, Emirates NBD and Merrill Lynch are joint global coordinators for the transaction. Joining them on joint bookrunner duties are our friends at EFG Hermes UAE as well as FAB. Emirates NBD is lead receiving bank, while our friends at Mashreq Bank are also serving as receiving bank alongside FAB and others. Rothschild is serving as independent financial advisor.

More to come? The transport authority is looking to list its parking subsidiary next year, also as part of the government’s plan to list 10 state-owned companies, Bloomberg wrote.

EGX30

23,955

+0.2% (YTD: +64.1%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

10,790

-0.4% (YTD: +3.0%)

ADX

9,537

-0.2% (YTD: -6.6%)

DFM

3,983

+0.3% (YTD: +19.4%)

S&P 500

4,412

-0.1% (YTD: +14.9%)

FTSE 100

7,426

+0.9% (YTD: -0.4%)

Euro Stoxx 50

4,232

+0.8% (YTD: +11.6%)

Brent crude

USD 82.52

+1.3%

Natural gas (Nymex)

USD 3.20

+5.4%

Gold

USD 1,950.20

+0.7%

BTC

USD 36,511.39

-1.8% (YTD: +122.6%)

THE CLOSING BELL-

The EGX30 rose 0.2% at yesterday’s close on turnover of EGP 3.4 bn (32.4% above the 90-day average). Foreign investors were net buyers. The index is up 64.1% YTD.

In the green: Telecom Egypt (+12.4%), Eastern Company (+7.3%) and Alexandria Containers and Cargo Handling (+2.4%).

In the red: Mopco (-3.9%), Abu Qir Fertilizers (-3.2%) and Heliopolis Housing (-2.9%).

Tags: