Road toll operator Salik to offer 20% via IPO as Dubai revs up stock market listings

Road toll operator Salik to offer 20% via IPO as Dubai revs up stock market listings

Dubai: Dubai is preparing the ground for its next big IPO, with the toll-gate operator Salik to sell 1.5 billion shares – or 20 per cent of the equity capital – via an IPO. Salik, which was converted into a public joint stock company in June, operates 8 tool-gates in Dubai and follows DEWA and Tecom Group in heading towards a listing on DFM. (Each share has a nominal value of 1 fil.) Salik expects to generate significant growth in revenues as more vehicles pass through its toll-gates. As of end April, it had 3.6 million registered vehicles, of which 1.8 million were vehicles registered in Dubai. More toll-gates could be set up in the city – subject to approval from RTA. The offer price will be confirmed September 22, while the listing on Dubai Financial Market could be around September 29. The Dubai Government, represented by the Department of Finance, will retain 80 per cent post-IPO, at which point Sailik’s paid-up capital will be Dh75 million, according to an announcement made via an ad. The size of the IPO could be increased at any point prior to the end of the subscription period. Individual subscribers, across nationalities, can participate