WAM, Wednesday, Nov 29, 2023 | Jumada Al-Uola 15, 1445
Dubai Taxi Company announces increase in number of shares allocated to retail investors in its IPO
DUBAI, Dubai Taxi Company has
announced an increase in the number of shares offered in the UAE Retail
Offer of its Initial Public Offering (IPO) in response to significant
oversubscription of the UAE Retail Offer.
Following the Securities and Exchange Authority (SCA) approval, the UAE
Retail Offer has been increased to 74,970,000 ordinary shares from
62,475,000 ordinary shares. Based on the previously announced price range of
AED1.80 and AED1.85 per share, the size of the Retail Tranche will now be
between approx. AED135 million and approx. AED139 million, representing 12%
of the Offer Shares, compared to 10% previously announced.
The Offering size remains unchanged at 624,750,000 ordinary shares,
representing 24.99% of the company’s total issued share capital. Following
the increased allocation to the UAE Retail Offer, the Qualified Investor
Tranche will be allocated 549,780,000 ordinary shares, instead of
562,275,000 ordinary shares, representing 88% of the Offer Shares, compared
to 90% previously announced.
The Offering and Admission is expected to be completed on 7th December 2023,
subject to market conditions and obtaining relevant regulatory approvals in
the UAE, including approval of Admission to listing and trading on the DFM.