Salik Road-Toll System Lines Up BofA, Emirates NBD, Goldman for Dubai IPO - Bloomberg
Dubai’s road-toll collection system has picked Bank of America Corp., Emirates NBD Bank PJSC and Goldman Sachs Group Inc. to arrange its local stock exchange listing, according to people familiar with the matter.
The banks will work alongside Moelis & Co., the financial adviser on the potential listing, the people said, asking not to be identified as the information is private. It wasn’t clear yet what valuation Salik will seek.
The emirate’s deputy ruler in November announced plans for the initial public offering of the Salik toll system as part of a broader plan to list 10 state entities. The goal is to revive Dubai’s stock market and close the gap with exchanges in rival financial centers Abu Dhabi and Riyadh.
Representatives for Emirates NBD, Goldman Sachs and Bank of America declined to comment, while Salik didn’t immediately respond to an email seeking comments.
The listing is expected to follow that of state-owned Dubai Electricity & Water Authority this year. DEWA is considering tripling its annual dividend target to 6.2 billion dirhams ($1.69 billion) after listing in the first half of the year, people familiar with the matter told Bloomberg last week.
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