Dubai Taxi’s USD 315 mn IPO got USD 41 bn in orders: Dubai Taxi received AED 150 bn (USD 41 bn) in orders for its AED 1.2 bn (USD 315 mn) initial public offering, with orders from investors covering the transaction 130x, according to a statement (pdf) from the company. The appetite came from both institutional and individual investors, it said.

More retail shares will be on offer after global coordinators boosted the retail tranche to 12% of the offering from 10% originally. The institutional tranche has been nudged down two percentage points to 88% of the offering.

REMEMBER- The company garnered enough orders to fully cover the retail tranche within only an hour of opening on 21 November.

The transaction: The Dubai government is selling a 25% stake at AED 1.85 per share and has priced the offering at the top of the range it had initially offered on the back of strong demand, valuing the company at AED 4.6 bn (c. USD 1.26 bn).

Last call: The subscription period for UAE retail investors will close today, with the curtains closing for qualified investors shortly after on Thursday. DTC’s IPO completion and admission is expected for 7 December, subject to UAE market conditions and regulatory approvals.

ADVISORS- Rothschild & Co. Middle East is serving as the financial advisor. CitiGroup, Merrill Lynch and Emirates NBD are global coordinators and joint bookrunners. Our friends at EFG Hermes and FAB are also bookrunners on the transaction.

The healthy appetite for DTC’s offering comes as IPOs in the UAE have been booming, leading the GCC’s IPO market in terms of value in 9M 2023, Zawya reported previously, citing Kuwait Financial Center (Markaz). In the first nine months of the year, we saw four IPOs worth a combined USD 3.9 bn going to market here in the UAE, according to Markaz. DTC’s listing on the DFM comes months after Adnoc listed the largest-ever IPO on ADX, raising USD 769.5 mn.

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