Dubai Taxi debuts listing on DFM as IPO oversubscribed 130 times – Gulf Today

Dubai Taxi debuts listing on DFM as IPO oversubscribed 130 times – Gulf Today

Top officials during the bell-ringing ceremony in Dubai on Thursday.

Dubai Financial Market (DFM) on Thursday welcomed the successful listing of Dubai Taxi Company (DTC), a leading provider of comprehensive mobility solutions in Dubai.

The offering saw significant demand from international and regional institutional investors and retail investors in the UAE, with total demand for the offering amounting to over Dhs150 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, underscoring the strength of DTC’s investment proposition and robust investor confidence in the Company’s growth strategy as well as Dubai’s robust economic performance.

DTC’s successful listing, which marks the second DFM listing in 2023, emphasises 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, 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.

Shares began trading under the symbol “DTC”,