UAE Retail Offer increased to 74,970,000 ordinary shares from 62,475,000 ordinary shares, equivalent to 12% of the total Offer Shares up from the previously announced 10% of Offer Shares, due to significant demand and oversubscription
- Offering size remains unchanged at 624,750,000 ordinary shares, representing 24.99% of issued share capital
- Qualified Investor Offer has been reduced to 549,780,000 ordinary shares from 562,275,000 ordinary shares, equivalent to 88% of the total Offer Share, compared to previously announced 90% of Offer Shares
- Subscription period remains unchanged, closing today, 28th November 2023, for UAE Retail Investors and tomorrow, 29th November, for Qualified Investors.
Dubai, UAE: Dubai Taxi Company PJSC (“DTC” or the “Company”), a leading provider of comprehensive mobility solutions in Dubai, today announced an increase in the number of shares offered in the UAE Retail Offer of its initial public offering (“IPO” or the “Offering”) in response to significant oversubscription of the UAE Retail Offer.
Following the approval of the Securities and Exchange Authority (“SCA”), 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 AED 1.80 and AED 1.85 per share, the size of the Retail Tranche will now be between approx. AED 135 million and approx. AED 139 million, representing a total of 12% of the Offer Shares, compared to 10% previously announced.
The Offering size remains unchanged at 624,750,000 ordinary shares, which represents 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 subscription period for the Offering remains unchanged, closing today, 28th November 2023, for UAE Retail Investors and tomorrow, 29th November, for Qualified Investors. The completion of the Offering and Admission is currently expected to take place 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.
Details of the Offering are available in the UAE Prospectus with respect to the UAE Retail Offering and the English-language International Offering Memorandum with respect to the Qualified Investor Offering. The UAE Prospectus and the International Offering Memorandum are available at https://www.dubaitaxi.ae/en/IPO. There is also a dedicated IPO call centre number: 800 ENBD IPO (3623 476).
Rothschild & Co Middle East Limited has been appointed as the Independent Financial Advisor.
Citigroup Global Markets Limited, Emirates NBD Capital PSC and Merrill Lynch International have been appointed as Joint Global Coordinators and Joint Bookrunners.
EFG-Hermes UAE Limited (acting in conjunction with EFG Hermes UAE LLC) and First Abu Dhabi Bank PJSC have been appointed as Joint Bookrunners.
Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank. Abu Dhabi Islamic Bank PJSC, Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank PJSC and Mashreq Bank have also been appointed as Receiving Banks.
The Internal Sharia Supervision Committee of Emirates NBD Bank PJSC has issued pronouncements confirming that, in its view, the Offering is compliant with Shariah principles. Investors should undertake their own due diligence to ensure that the Offering is Shariah compliant for their own purposes.
ABOUT DUBAI TAXI COMPANY:
DTC was recognised as a public joint stock company under Law No. (21) of 2023. The Company is a leading provider of comprehensive mobility solutions in Dubai, operating a fleet of more than 7,000 vehicles, including more than 5,200 taxis. DTC was established in 1994 to operate a fleet of taxis and has since expanded to offer an extensive range of integrated mobility solutions across four key business lines: taxis, VIP limousines, buses and last mile delivery bike services. DTC is the number one taxi operator by fleet size in Dubai with an approximately 44% market share as of 30 June 2023. In the 12 months to 30 June 2023, the Company’s taxis and limousines made 44 million trips, 42 million of which were taxi trips.
