Dubai Taxi IPO wraps: State-owned Dubai Taxi’s share price climbed as much as 20% on its market debut on Thursday following its USD 315 mn IPO on the Dubai stock exchange. The company’s shares hit an intraday high of AED 2.23 before paring gains to close at AED 2.11, up 14% from its IPO price, according to data from the Dubai Financial Market’s website.

ADVISORS- Our friends at EFG Hermes (pdf) acted as joint bookrunners alongside First Abu Dhabi Bank.

Did you know? Dubai Taxi is the most-subscribed IPO in the city’s history. The sale received bids worth more than AED 150 bn (USD 41 bn), making it 130x oversubscribed.

SOUND SMART- Following a record 2022, the GCC IPO market has remained strong in 2023: Kicking off the year with the multi-bn USD IPO of Adnoc’s gas unit, 2023 has been a busy year for the Gulf IPO market, with the Saudi stock exchange seeing a raft of new additions over the past 12 months (see: ADES Holding, Lumi and Al Ansari). Meanwhile, Dubai / Abu Dhabi have had their fair share of stock market debuts (see: Presight AI, Adnoc Logistics & Services) and Oman closed its largest-ever IPO.

ALSO WORTH KNOWING-

  • The Careem super app has new owners: UAE-based telco e& has acquired a majority stake in Careem’s super app for USD 400 mn following its spinout by Uber. Careem’s ride-hailing business remains fully owned by Uber. (Company disclosure, pdf)
  • Deflation nation: Faltering demand resulted in consumer prices in China falling at their fastest rate in three years in November as the world’s second-largest economy battles deepening deflation. (Financial Times)

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THE CLOSING BELL-

The EGX30 fell 0.1% at Thursday’s close on turnover of EGP 3.8 bn (22.4% above the 90-day average). Local investors were net sellers. The index is up 69.1% YTD.

In the green: Orascom Development Egypt (+3.4%), B Investments Holding (+3.3%) and Egypt Kuwait Holding (+2.4%).

In the red: Orascom Construction (-3.5%), Juhayna (-3.1%) and Madinet Masr (-2.9%).

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