Dubai Financial Market (DFM) on Thursday welcomed the successful listing of Dubai Taxi Company (DTC), a leading provider of comprehensive mobility solutions in Dubai.

The offering saw significant demand from international and regional institutional investors and retail investors in the UAE, with total demand for the offering amounting to over Dhs150 billion (equivalent to approximately $41 billion), implying an oversubscription level of 130 times in aggregate. This represents the highest oversubscription level achieved by an IPO on the DFM, underscoring the strength of DTC’s investment proposition and robust investor confidence in the Company’s growth strategy as well as Dubai’s robust economic performance.

DTC’s successful listing, which marks the second DFM listing in 2023, emphasises the strength of Dubai’s capital markets and cements the DFM’s integral position in Dubai’s strategic vision for the development of its economy.

Abdul Muhsen Ibrahim Kalbat, Chairman, Board of Directors, DTC, and Mansoor Rahma Alfalasi, Chief Executive Officer, DTC, rang the DFM market opening bell to celebrate the listing, in the presence of Helal Al Marri, Chairman of DFM, and Hamed Ali, CEO of DFM and Nasdaq Dubai, alongside several other officials.

Shares began trading under the symbol “DTC”, concluding the Company’s successful public offering that raised around AED1.2 billion (equivalent to approximately US$315 million) with a market capitalisation of AED4.6 billion (equivalent to approximately $1.26 billion) on admission and a final offer price of AED1.85. The DFM applied no price limits on the shares during the first day of trading.

Helal Al Marri, Chairman of DFM, commented, “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. Aligned with Dubai Economic Agenda ‘D33’ goals, the DFM continues to drive Dubai’s economic growth story, positioning the city as a global capital hub. This achievement highlights the efficacy of our strategic plan under the guidance of His Highness Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance.”

Hamed Ali, CEO of DFM and Nasdaq Dubai, said, “DTC’s listing marks a significant stride in our journey, DFM has maintained a steadfast momentum in trading activities on the DFM throughout the year, with new equity listings amounting to Dhs12.3 billion, reflecting the attractiveness of our markets to investors. As Dubai evolves into a leading global economic hub, DTC’s IPO underscores our commitment to fostering robust capital markets and accelerating new listings. Beyond its immediate impact on economic growth, this listing serves to reaffirm the DFM’s pivotal role as the preeminent exchange in the region, offering diverse opportunities and facilitating companies to participate in the vitality of Dubai’s financial ecosystem.”

WAM