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Sunday, March 3, 2024

Dubai Taxi Company Reveals IPO Offer Range and Subscription Launch.

Dubai, 21st November 2023 (WAM): Today, Dubai Taxi Company (DTC) announced the Offer Price Range for its initial public offering (IPO) and the commencement of the subscription period. The Offer Price Range is set between AED1.80 and AED1.85 per share, indicating a market capitalization of AED4.5 billion to AED4.6 billion at listing.

DTC is offering 624,750,000 shares, equivalent to 24.99% of its total issued share capital, with the IPO subscription period open until 28th November for UAE Retail Investors and 29th November for Qualified Investors. The final offer price will be determined through a book-building process, to be announced on 30th November.

The completion of the Offering and Admission is anticipated on 7th December, subject to market conditions and regulatory approvals in the UAE. Mansoor R. Alfalasi, CEO of DTC, expressed delight in opening the subscription period, citing strong interest in the IPO.

Rothschild Co Middle East Limited serves as the Independent Financial Advisor, while Citigroup Global Markets Limited, Emirates NBD Capital PSC, and Merrill Lynch International are the Joint Global Coordinators and Joint Bookrunners. EFG-Hermes UAE Limited and First Abu Dhabi Bank PJSC act as Joint Bookrunners.

Emirates NBD Bank PJSC is the Lead Receiving Bank, and several banks, including Abu Dhabi Islamic Bank PJSC, Ajman Bank, Commercial Bank of Dubai, and Dubai Islamic Bank, have been appointed as Receiving Banks.

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