#Dubai’s $315 Million Taxi IPO Sells Out in an Hour - Bloomberg

Dubai’s $315 Million Taxi IPO Sells Out in an Hour - Bloomberg

Dubai Taxi Co.’s initial public offering of as much as 1.16 billion dirhams ($315 million) received enough orders to cover the deal within an hour of opening, showing strong demand for the emirate’s first privatization in a year.

Books are covered throughout the price range, according to terms of the deal obtained by Bloomberg News. The government is selling 624.75 million shares, or a 25% stake, at 1.8 dirhams to 1.85 dirhams each, the company said Tuesday. That values Dubai Taxi at as much as 4.62 billion dirhams.

Investors will be able to place orders until Nov. 29, with the final offer price set to be announced on Nov. 30. The shares are expected to start trading on Dec. 7.

The IPO will be the first share sale by Dubai’s government in more than 12 months. It raised $8.3 billion by selling stakes in four state-owned companies, including the city’s main water and electricity utility, in 2022. The share sales are part of a plan unveiled about two years ago to list 10 state-owned companies to boost flagging trading volumes and match similar drives in Abu Dhabi and Riyadh.