Dubai toll operator, Salik raised AED3.735 billion from its initial public offering (IPO) on the Dubai Financial Market (DFM).
Salik had listed its offering price at AED2 per share, giving it a total value of AED15 billion. The company’s shares will now begin trading on the Dubai stock exchange starting September 29.
The IPO was oversubscribed 49 times across all tranches, with a total gross demand valued at AED184.2 billion.
The Dubai government, which retains 75.1 percent of the toll operator’s existing share capital, sold over 1.867 billion shares in the company, up by 24.9 percent when compared to the former announcement of 1.5 billion shares, equivalent to 20 percent.
Dubai Holding, UAE Strategic Investment Fund, Shamal Holding and the Abu Dhabi Pension Fund are key investors in the recent IPO, committing to AED606 million.
Salik’s IPO is part of the emirate’s efforts to list 10 state-backed companies as it aims to increase the financial market size AED3 trillion ($816.7 billion).
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