‘Salik’ completes bookbuild for IPO raising over AED3.7 billion

‘Salik’ completes bookbuild for IPO raising over AED3.7 billion

DUBAI, 22nd September, 2022 (WAM) -- Salik Company, Dubai’s exclusive toll gate operator, today announced the successful completion of the bookbuild and public subscription process for its initial public offering (IPO) on the Dubai Financial Market (DFM).

The Company confirms the previously announced upsized offering size of 1,867,500,000 ordinary shares ("Offer Shares"), equivalent to 24.9% of total issued share capital, along with the offer price of AED2.00 per ordinary share.

This results in total gross IPO proceeds of over AED3.7 bn ($1.0 bn) to be paid to the Government of Dubai represented by the Department of Finance (the "Selling Shareholder") after adjusting for any expenses related to the Offering.

The Offering saw significant interest with total gross demand for the IPO in excess of AED184.2bn ($50.2 bn), implying an oversubscription level of 49 times, for all tranches combined. The Qualified Investor tranche attracted demand across the globe of AED149.5 bn implying an oversubscription level of 43x (excluding cornerstone, oversubscription level stands at 52x).

The retail offering saw tremendous appetite from the local investors with demand collected in excess of AED34.7 bn implying oversubscription levels of 119x. The overwhelming investor demand for Salik shares underlines the Company’s compelling investment proposition as the exclusive toll operator