Dubai Taxi Company sets Dh1.8-Dh1.85 a share range for IPO

Dubai Taxi Company sets Dh1.8-Dh1.85 a share range for IPO

Raring to go - Dubai Taxi Company has set the meter running for its IPO, which opens for subscription today (November 21).

Image Credit: Shutterstock









Dubai: With sizeable investor interest having already built up for the IPO, Dubai Taxi Company has set a price range of Dh1.8 to Dh1.85 a share, with subscription opening today (November 21).



Dubai Taxi is floating 24.99 per cent of its equity, and the final offer price is to be announced November 30.







The Dh1.8-Dh1.85 a share range sets DTC up to raise between Dh1.12 billion to Dh1.16 billion. And it also implies DTC having a valuation of Dh4.5 billion to Dh4.62 billion.



The listing on DFM is set for December 7.



The company had earlier announced that it will be issuing a dividend of Dh71 million in April 2024, which will be the payout for its Q4-2023 operations. Thereafter, annual dividends will be equal to a minimum of 85 per cent of the net profit.





"The DTC IPO - and the demand that we have already witnessed for it - highlights the continuing successful privatization drive in the UAE,"