Dubai Taxi Company debuts on Dubai Financial Market

Image: WAM

Dubai Taxi Company (DTC)  began trading on the Dubai Financial Market (DFM) on February 7, defying global headwinds and achieving record-breaking oversubscription.

DTC‘s listing marks the second successful IPO on the DFM this year, contributing to the exchange’s impressive Dhs12.3bn ($3.37bn) in new equity listings.

The offering attracted overwhelming demand, receiving subscriptions totaling Dhs150bn ($41bn), a staggering 130 times more than the offered shares.

This marks the highest oversubscription level ever recorded for an IPO on the DFM, highlighting strong investor confidence in the mobility company’s potential and Dubai’s robust economic outlook.

Shares began trading under the symbol “DTC”, concluding the company’s successful public offering that raised around Dhs1.2bn (equivalent to approximately $315m) with a market capitalisation of Dhs4.6bn (equivalent to approximately $1.26bn) on admission and a final offer price of Dhs1.85.

The DFM applied no price limits on the shares during the first day of trading.

DTC listing major highlight for DFM

“Our listing on the DFM is a major milestone, solidifying our role in developing Dubai’s world-class mobility infrastructure,” said Abdul Muhsen Ibrahim Kalbat, chairman of DTC. “As the first mobility company listed on the DFM, we’re proud to support the emirate’s privatisation programme and attract significant investment, further strengthening the DFM’s position as a leading regional exchange.”

“The record-breaking demand reflects the strength of DTC’s proposition,” added Mansoor Rahma Alfalasi, CEO of DTC. “With a clear strategy to capitalise on Dubai’s impressive growth prospects, we’re well-positioned to deliver value to our shareholders and continuously invest in cutting-edge technologies and expansion across the region.”

Hamed Ali, CEO of DFM and Nasdaq Dubai, said, “This listing exemplifies our commitment to fostering robust capital markets and accelerating new listings. It reaffirms the DFM’s role as the preeminent exchange in the region, offering diverse opportunities for companies to participate in Dubai’s dynamic financial ecosystem.”