EFG Hermes completes advisory on $315 million IPO of Dubai Taxi Company on the DFM

EFG Hermes completes advisory on $315 million IPO of Dubai Taxi Company on the DFM

The IPO was met with a robust AED 150 billion (USD 41 billion) demand for shares from local, regional, and international investors, with the total book covered approximately 130x. The company began trading today under the ticker DTC.

Mostafa Gad, Head of Investment Banking at EFG Hermes commented, “We are proud to be part of DTC’s IPO on the DFM and its resounding success. Leveraging our extensive experience in transformative transactions, this venture not only reaffirms our commitment to contributing to the UAE’s burgeoning equity capital market activity but also underscores our strategic growth in the region. DTC’s evolution from a pioneering taxi service to a multifaceted mobility solutions provider reflects its adaptability and market resilience, which has been widely reflected in the robust demand received for the offering from a diverse set of investors. Our team's dedication, coupled with our track record in high-profile IPOs, reinforces our role as a trusted advisor in market-defining transactions. This IPO marks another milestone in our series of impactful deals in the GCC region, further solidifying our position as the leading investment bank in Frontier and Emerging Markets. We anticipate continued success for DTC as it embarks on this new chapter as a