Dubai Taxi Company PJSC has announced an increase in the number of shares offered in its initial public offering (IPO) due to significant oversubscription of the UAE Retail Offer.
The Securities and Exchange Authority (SCA) has approved the increase, raising the UAE Retail Offer to 74,970,000 ordinary shares from the initial 62,475,000 ordinary shares.
The Retail Tranche, now comprising approximately AED135 million to AED139 million, represents a total of 12 percent of the Offer Shares, compared to the previously announced 10 percent.
Dubai Taxi Company announces IPO
The overall size of the IPO remains unchanged at 624,750,000 ordinary shares, representing 24.99 percent of the company’s total issued share capital.
With the increased allocation to the UAE Retail Offer, the Qualified Investor Tranche will consist of 549,780,000 ordinary shares, accounting for 88 percent of the Offer Shares, as opposed to the previously announced 90 percent.
The subscription period for the IPO will close today, November 28, 2023, for UAE Retail Investors and tomorrow, November 29, for Qualified Investors.
Subject to market conditions and obtaining relevant regulatory approvals in the UAE, including admission to listing and trading on the Dubai Financial Market, the completion of the Offering and Admission is expected to take place on December 7, 2023.
Detailed information about the Offering can be found in the UAE Prospectus for the UAE Retail Offering and the English-language International Offering Memorandum for the Qualified Investor Offering, both available at the official IPO website.
Rothschild & Co Middle East Limited has been appointed as the Independent Financial Advisor for the IPO. Citigroup Global Markets Limited, Emirates NBD Capital PSC, and Merrill Lynch International serve as Joint Global Coordinators and Joint Bookrunners.
EFG-Hermes UAE Limited and First Abu Dhabi Bank PJSC have been appointed as Joint Bookrunners.
Emirates NBD Bank PJSC takes on the role of the Lead Receiving Bank, while Abu Dhabi Islamic Bank PJSC, Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank PJSC, and Mashreq Bank have been appointed as Receiving Banks.
Emirates NBD Bank PJSC’s Internal Sharia Supervision Committee has issued pronouncements confirming the compliance of the Offering with Shariah principles.
However, investors are advised to conduct their own due diligence to ensure the Shariah compliance of the Offering for their individual purposes.
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