Dubai's Salik ups IPO size


Salik has announced it has increased the number of shares offered in its Initial Public Offering (IPO) from 20 per cent to 24.9 per cent of the share capital.

It means the number of shares on offer in the float rises from 1.5 billion to 1.87 billion.

The Government of Dubai will continue to own 75.1 per cent of Salik’s existing share capital.

The road toll operator  has also received approval from the Securities and Commodities Authority (SCA) to allocate the increase of the Offer Size to the respective tranches as follows: the First and Third Tranches (in aggregate) will increase from 120,000,000 to 145,725,000 ordinary shares (or c.7.8% of the Offer Size), whilst the Second Tranche (for qualified investors) will increase from 1,380,000,000 to 1,721,775,000 ordinary shares (or c.92.2% of the Offer Size).

The increased offer was determined by the Selling Shareholder, following Salik’s decision to set the offer price at AED 2.00 per ordinary share on September 13.

The decision also reflected Salik’s prioritisation of supporting aftermarket trading performance post-listing.

The subscription period for the Salik IPO remains unchanged. The UAE Retail Offer will close on September 20 and the Qualified Investor Offering will close on September 21.

Salik is expected to commence trading on the Dubai Financial Market (DFM) on September 29, under the symbol "SALIK" and ISIN AEE01110S227.

The Company’s starting market capitalisation is expected to be AED 15.0 billion (US$4.1 billion).

Investors who participated in the UAE Retail Offer will be notified of their allocation of shares via SMS on September 26.

More from Business