Salik IPO: Dubai Road-Toll Operator Set to Hold Pre-IPO Investor Meetings - Bloomberg
Dubai’s road-toll collection system is planning to kick off first meetings with select top investors as soon as this month, ahead of a potential 2022 listing, people familiar with the matter said.
The Salik toll system, part of Dubai’s Roads and Transport Authority, is planning group and one-on-one investor meetings in mid-June, said the people, who asked to not be identified because the matter isn’t public. Investors from around the world will participate in the calls, they said.
The listing may come as soon as September, the people said. Details on valuation or the size of the offer weren’t immediately available.
Bank of America Corp., Emirates NBD Bank PJSC and Goldman Sachs Group Inc. are arranging the local stock exchange listing alongside Moelis & Co., the financial adviser for the IPO, Bloomberg News has reported.
Representatives for Salik weren’t available for comment.
Salik, Arabic for open, is an automated system introduced in 2007. Each time a vehicle passes through one of the city’s eight toll points, 4 dirhams ($1.09) is charged to a prepaid account, eliminating the need for cash or toll booths.
The planned listing is part of Dubai’s attempts to revive trading volumes by privatizing 10 state firms. The first of those share sales was the $6.1 billion IPO of the city’s main utility -- the second biggest listing of the year, which drew strong demand from regional and international investors. On Thursday, Dubai said it would sell a 12.5% stake in business park operator Tecom.
Listings on Gulf stock exchanges are on track for their best-ever first half as high oil prices and broad economic reforms draw investors to the region. IPOs in the Middle East have fetched more than $13 billion this year, already eclipsing the amount raised in any other first half, data compiled by Bloomberg show.
No comments:
Post a Comment