Dubai Taxi Company shares soar almost a fifth on market debut

Dubai Taxi Company shares soar almost a fifth on market debut

Abdul Muhsen Ibrahim Kalbat, chairman, board of directors, DTC, and Mansoor Rahma Alfalasi, chief executive officer, DTC, rang the DFM market opening bell to celebrate the listing, in the presence of Helal Al Marri, chairman of DFM, and Hamed Ali, CEO of DFM and Nasdaq Dubai, alongside several other officials. — Supplied photo

Published: Thu 7 Dec 2023, 6:52 PM

Dubai Taxi Company (DTC) shares soared as they listed on the Dubai Financial Market on Thursday, rising 19.459 per cent during the day to close at Dh2.21.

DTC was the highest traded share both in terms of value and volumes. A total of 113,021,176 shares changed hands, with a value of Dh246,634,380.19, according to DFM data.

The offering saw significant demand from international and regional institutional investors and retail investors in the UAE, with total demand amounting to over Dh150 billion (equivalent to approximately $41 billion), implying an oversubscription level of 130 times in aggregate. This represents the highest oversubscription level achieved by an IPO on the DFM.

DTC’s successful listing, which marks the second DFM listing in 2023, emphasizes the strength of Dubai’s capital markets and cements the DFM’s integral position in Dubai’s strategic vision for the development of its economy.

Abdul Muhsen Ibrahim Kalbat,