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Saturday, December 9, 2023

“Dubai Taxi IPO Breakdown: Share Details, Pricing, Dividends, and Eligibility Clarified”

Dividends Dubai Taxi Company (DTC) has announced its intention to go public, joining other government entities in launching an initial public offering (IPO). The move follows the introduction of a new law, granting the transport solutions provider financial and administrative independence.

Key Points from the ‘Intention to Float’ Document:

  1. Offer Details:
    • 624.75 million shares at Dh0.04 each, representing 24.99% of DTC’s total issued share capital.
  2. Share Capital:
    • Dh100 million, divided into 2.5 billion fully paid shares held by the Department of Finance for the Government of Dubai.
  3. Flexibility in Offering Size:
    • The offering size and tranche sizes are subject to adjustment before the subscription period ends.
  4. Subscription Periods:
    • UAE retail offering: November 21-28.
    • Qualified investor offering: November 21-29.
  5. Expected Completion:
  6. Sharia Compliance:
    • Confirmed by the Internal Sharia Supervision Committee of Emirates NBD Bank.
  7. Dividend Plans:
    • Dividends planned twice yearly from fiscal year 2024, with an earnings-linked distribution framework.

      Financial Advisory:

      • Independent financial advisor: Rothschild & Co Middle East Limited.
      • Joint global coordinators and joint bookrunners: Citigroup Global Markets Limited, Emirates NBD Capital PSC, Merrill Lynch International.
      • Joint bookrunners: EFG-Hermes UAE Limited and First Abu Dhabi Bank PJSC.
      • Lead receiving bank: Emirates NBD Bank.

DTC, established in 1994, DTC has evolved into Dubai’s leading taxi operator, holding a 44% market share as of June 30, 2023. Services include taxis, limousines, school and commercial buses, and last-mile delivery via bikes.

Also Read

UAE Experiencing Increased Adoption of Web3 Payments

Dubai Taxi to Offer 24.99% of Shares in Initial Public Offering (IPO)

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