Dubai Taxi to launch IPO by December

Daily News Egypt
2 Min Read

Dubai Taxi Corporation, a mobility solutions provider, plans to list its shares on the Dubai Financial Market (DFM) by December 2023.

According to a statement from the company, the initial public offering (IPO) for individual investors in the UAE will run from November 21 to November 28, 2023, while the IPO for qualified investors will run from November 21 to November 29, 2023.

The share price will be determined through a book-building process, and individual investors in the UAE will subscribe to the offering price.

The company expects to complete the IPO and list on the DFM in December 2023, subject to market conditions and regulatory approvals in the UAE, including the approval for listing and trading on the DFM.

As per the expected subscription coverage agreement between the company, the selling shareholder, and the lead managers, the shares owned by the selling shareholder after the listing date will be locked up for 180 days from the listing date.

Rothschild & Co. Middle East Limited is the independent financial advisor, and Citigroup Global Markets Limited, Emirates NBD Capital PSC, and Merrill Lynch International are the joint global coordinators and bookrunners.

EFG Hermes UAE Limited and First Abu Dhabi Bank are the joint managers.

Emirates NBD is the main receiving bank, and Abu Dhabi Islamic Bank, Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, and Mashreq Bank are the receiving banks.

The Internal Sharia Supervisory Committee of Emirates NBD issued a Sharia statement confirming that the IPO is compatible with the principles and provisions of Islamic Sharia, from their perspective. Investors should conduct their due diligence to ensure that the IPO meets their Sharia objectives.

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