Salik IPO: Dubai Road-Toll Operator to Seek About $1 Billion in IPO - Bloomberg
Dubai is seeking to raise about $1 billion by selling shares in the city’s road-toll collection system as soon as next month, people familiar with the matter said.
Ahead of the share sale, Salik has taken out a $1.1 billion loan from Emirates NBD Bank PJSC to pay a special dividend to the government, the people said, asking not to be identified as the information isn’t public.
Emirates NBD will invite other lenders to participate in the loan, they said. Other Dubai IPO candidates have taken out similar loans, two of the people said.
Salik is continuing to target September for its share sale despite a recent dip in investor appetite, the people said. It wasn’t immediately clear how many shares will be offered, but Dubai’s government has previously said it will retain a minimum 60% stake.
Details of the offering such as timing and size are not final and subject to change, the people said. Emirates NBD declined to comment, while representatives for Salik weren’t immediately available for comment.
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