Dubai Taxi Company sets offer price at $0.49-0.50/share

Dubai Taxi Company sets offer price at $0.49-0.50/share

Dubai Taxi Company (DTC) has set a price range of AED1.8 ($0.49) to AED1.85 ($0.50) a share, with its IPO subscription opening on Tuesday.

A total of 624,750,000 shares, equivalent to 24.99% of DTC’s total issued share capital, will be offered. Dubai Taxi Company PJSC (“DTC” or the “Company”), today announces the price range for the sale of its shares (the “Offer Price Range”) and start of the subscription period for its initial public offering (“IPO” or the “Offering”) on DFM. Image courtesy: Dubai Taxi Company

With this price range, DTC, the largest taxi operator in the emirate, is expected to raise between 1.12 billion UAE dirhams to 1.16 billion UAE dirhams and its implied valuation will be at 4.5 billion UAE dirhams to 4.62 billion UAE dirhams, DTC said in a statement.

The subscription period for the IPO will run from November 21 to November 28 for retail investors in the UAE, and November 29 for other investors. Dubai Taxi Company PJSC (“DTC” or the “Company”), today announces the price range for the sale of its shares (the “Offer Price Range”) and start of the subscription period for its initial public offering (“IPO” or the “Offering”) on DFM. Image