Dubai Taxi Company PJSC enters the Dubai Financial Market
The Dubai Financial Market ("DFM") has enthusiastically received the successful listing of Dubai Taxi Company PJSC ("DTC"), a prominent provider of comprehensive mobility solutions in Dubai. The offering witnessed substantial demand from both international and regional institutional investors, as well as retail investors in the UAE. The total demand for the offering surpassed AED 150 billion (approximately US$ 41 billion), reflecting an impressive oversubscription level of 130 times in aggregate. This remarkable oversubscription sets a record for the highest level achieved by an Initial Public Offering (IPO) on the DFM, underlining the robust investment proposition of DTC and the strong confidence investors have in the Company's growth strategy and Dubai's economic performance. DTC's successful listing, the second on the DFM in 2023, underscores the strength of Dubai's capital markets and reinforces the DFM's integral role in Dubai's strategic vision for economic development. To celebrate the listing, Abdul Muhsen Ibrahim Kalbat, Chairman of the Board of Directors, of DTC, and Mansoor Rahma Alfalasi, Chief Executive Officer, of DTC, rang the DFM market opening bell. This momentous occasion was graced by the presence of His Excellency Helal Al Marri, Chairman of the DFM, and Hamed Ali, CEO of the DFM and Nasdaq Dubai, along with other dignitaries. Shares of DTC commenced trading under the symbol "DTC" following a successful public offering that raised approximately AED 1.2 billion (equivalent to approximately US$ 315 million). The market capitalization on admission reached AED 4.6 billion (equivalent to approximately US$ 1.26 billion) with a final offer price of AED 1.85. Notably, the DFM applied no price limits on the shares during the first day of trading. His Excellency Helal Al Marri, Chairman of the DFM, remarked, "We warmly welcome Dubai Taxi to the DFM. Today's listing is a pivotal step in Dubai's robust capital market development. DTC's success reinforces our diversification strategy, showcasing the strength of Dubai's economy and investor confidence." He highlighted that the DFM continues to drive Dubai's economic growth, positioning the city as a global capital hub in line with the Dubai Economic Agenda "D33" goals. The achievement reflects the efficacy of the strategic plan under the guidance of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. Hamed Ali, the CEO of the DFM and Nasdaq Dubai, expressed, "DTC's listing represents a significant advancement in our trajectory. Throughout the year, DFM has sustained a robust momentum in trading activities, witnessing new equity listings totaling AED 12.3 billion. This reflects the compelling appeal of our markets to investors. As Dubai continues to emerge as a leading global economic hub, the IPO of DTC underscores our dedication to nurturing resilient capital markets and expediting new listings. Beyond its immediate impact on economic growth, this listing reiterates the DFM's pivotal role as the foremost exchange in the region, providing diverse opportunities and facilitating companies to engage in the vibrancy of Dubai’s financial ecosystem." Abdul Muhsen Ibrahim Kalbat, Chairman of the Board of Directors at Dubai Taxi Company, remarked, "Our record-breaking listing on the DFM signifies a major milestone in DTC’s journey. We play a crucial role in developing Dubai’s world-class mobility infrastructure and sustainability vision. Proudly, DTC is the first mobility company to be listed on the DFM, actively supporting the emirate’s ongoing privatization program. Our IPO has attracted substantial investment into Dubai’s capital markets, further solidifying the DFM’s position as a leading regional bourse."
