Dubai Taxi IPO sees huge investor demand: State-owned Dubai Taxi Corporation’s (DTC) IPO offering up 25% of the company was oversubscribed within the first hour of opening yesterday, Bloomberg reports. The company plans to offer a total of 624.8 mn shares in its IPO on the Dubai Financial Market (DFM).

Offering could fetch more than AED 1 bn: The company has set an indicative price range of AED 1.80-1.85 per share, valuing the company at up to AED 4.62 bn, according to a filing to the DFM. The share sale could see DTC — Dubai’s largest taxi operator — raise as much as AED 1.16 bn (USD 315 mn), Bloomberg notes. The final pricing will be announced next Thursday, 30 November.

Sellers: The Department of Finance for the Government of Dubai serves as the seller in the first such offering by the Dubai government in over a year.

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

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