Dubai, United Arab Emirates, December 7, 2023: Today, the Dubai Financial Market welcomed the successful listing of Dubai Taxi Company PJSC, the leading company in providing comprehensive mobility solutions in Dubai, which is the second public offering and listing on the Dubai Financial Market for the year 2023 so far. The listing of the Dubai Taxi Company witnessed demand from international and regional investment institutions and individuals in the United Arab Emirates, as the total demand for subscription reached more than 150 billion UAE dirhams, equivalent to about 41 billion US dollars, which means exceeding the expected subscription level by 130 times. This is considered The subscription is the largest request for an initial public offering on the Dubai Financial Market ever, which confirms the strength of the investment offer presented by Dubai Taxi Company and the strong confidence of investors in the company’s growth strategy, and in the strength of the capital markets in Dubai, and enhances the integrated position of the Dubai Financial Market within Dubai’s strategic vision. Ambitious to develop its economy.
Dubai Taxi shares began trading under the symbol DTC, and by the end of the successful public offering, which raised 1.2 billion UAE dirhams, approximately 315 million US dollars, the market value of the company upon listing was approximately 4.6 billion UAE dirhams, approximately 1.26 billion US dollars, and the final offering price reached 1.85 UAE dirhams per share. During the day First for trading, the Dubai Financial Market has not applied any price limits to the shares, which will begin to be applied as of the second day of listing.
It is worth noting that the Dubai Makali Market Index achieved gains of 24.8% in the first nine months of 2023, and the total trading value rose to 78 billion UAE dirhams in the same period. The size of the investor base in the Dubai Financial Market has reached more than one million investors belonging to more than 200 nationalities, which confirms the global appeal of the Dubai Financial Market and its importance as a thriving financial system in the region.
