Salik IPO: Four ‘cornerstone’ investors will park Dh606m in Dubai toll-gate operator

Salik IPO: Four ‘cornerstone’ investors will park Dh606m in Dubai toll-gate operator

Dubai: Salik’s IPO is off to a good start, with a Dh606 million buy-in from four big investors. These ‘cornerstone’ investors are UAE Strategic Investment Fund (through Emirates NBD AM SPC), Dubai Holding, Shamal Holding and The Abu Dhabi Pension Fund. And Salik has left open the possibility that it would increase the size of the offering from the current 20 per cent. Earlier, DEWA had done so with its IPO, while Tecom held the line from an increase. (The IPO subscription closes on September 20 for UAE retail investors and a day later for qualified investors.) The kind of build retail investor interest is having for a Salik share should convince Dubai’s toll-gate operator to go down the ‘road’ of a size increase, market sources suggest. For now, Salik is focussing on the first day of subscriptions opening and plugging into the demand. In other words, buying into Dubai’s own growth story. “Salik plays a leading role in Dubai’s urban development plans,” said Ibrahim Sultan Al Haddad, CEO. “The growth of the city is in tandem with the growth of Salik, and this offering represents an exciting opportunity for investors to be a part of that journey. “We are