Dubai Financial Market (DFM) on Thursday welcomed the successful listing of Dubai Taxi Company.
The offering saw significant demand from international and regional institutional investors and retail investors in the UAE, with total demand amounting to over AED 150 billion (around $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.
The DTC’s successful listing, which marks the second DFM listing in 2023, emphasises the strength of Dubai’s capital markets.
Abdul Muhsen Ibrahim Kalbat, Chairman of DTC's Board of Directors, and Mansoor Rahma Alfalasi, Chief Executive Officer of 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 other officials.
Shares began trading under the symbol “DTC”, concluding the company’s successful public offering that raised around AED 1.2 billion (nearly $315 million) with a market capitalisation of AED 4.6 billion ($1.26 billion) on admission and a final offer price of AED 1.85.
The DFM applied no price limits on the shares during the first day of trading.