Dubai Taxi Company (DTC) today announced the price range for the sale of its shares (Offer Price Range) and the start of the subscription period for its initial public offering (IPO).
In a statement issued today by DTC, the company announced that the Offer Price Range had been set between Dh1.80 and Dh1.85 per share, implying a market capitalisation at the time of listing of between Dh4.5 billion and Dh4.6 billion ($1.2 billion).
Moreover, the company also declared a total of 624,750,000 shares, equivalent to 24.99% of DTC’s total issued share capital, will be offered. All Shares to be offered are existing shares held by the Department of Finance for the Government of Dubai as the selling shareholder.
The IPO subscription period starts today and is expected to close on 28th November for UAE Retail Investors and on 29th November for Qualified Investors. The final offer price will be determined through a book-building process and is expected to be announced on 30th November.
The…
