Dubai’s toll gate operator Salik raises over $1bn from oversubscribed IPO

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UAE
  • Date: 22-Sep-2022
  • Source: GCC Business…
  • Sector:Financial Markets
  • Country:UAE
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Dubai’s toll gate operator Salik raises over $1bn from oversubscribed IPO

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Dubai’s tollgate operator, Salik has raised $1.01 billion (Dh3.73 billion) from its initial public offering (IPO) on the Dubai Financial Market (DFM).

Salik said in a statement that the IPO was more than 49 times oversubscribed across all tranches, with total gross demand at $50.2 billion (Dh184.2 billion).

The company confirms the previously announced upsized offering size of 1,867,500,000 ordinary shares (offer shares), equivalent to 24.9 percent of the total issued share capital, along with the offer price of $0.54 (AED 2.00) per ordinary share.

The emirate’s government sold more than 1.867 billion shares in the company up from the previously announced 1.5 billion shares, equivalent to 20 percent.

Mattar Al Tayer

Chairman – Board of Directors

Salik “This reflects the trust and confidence from the global investor community in Dubai’s capital markets and the strong position of the company as Dubai’s exclusive tollgate operator, in addition to its effective regulatory framework and robust business model, which will enable the Company to continue to remain at the heart of expansion plans in the road and transport sector, in support of the emirate’s economic growth. The IPO represents an important milestone in Salik’s journey and provides an opportunity to solidify the company’s success as an exclusive toll