Page 58 - AAE PR REPORT December 2023

12/12/23, 11:47 AM Dubai Taxi Jumps in Trading Debut After $315 Million Listing - BNN Bloomberg
Dubai Taxi Jumps in Trading Debut After $315

Million Listing

Julia Fioretti, Bloomberg News

A Dubai Roads and Transport Authority (RTA) logo on a taxi in the Deira district of Dubai, United Arab Emirates, on Monday, Aug. 7, 2023. Dubai’s
Roads & Transport Authority has selected Bank of America Corp., Citigroup Inc., and Emirates NBD Capital to work on the planned initial public
offering of the city’s taxi business, in what would be the emirate’s first privatization of the year, whilst the government plans to sell shares in the
parking unit next year, Bloomberg News reported last month. Photographer: Christopher Pike/Bloomberg , Bloomberg

(Bloomberg) -- Dubai Taxi Co. gained as much as 19% in its debut after a $315 million initial public
offering which was the city’s first privatization in over a year.

Shares in Dubai Taxi opened at 2.2 dirhams on Thursday, according to data from the Dubai stock
exchange website. The stock was offered at 1.85 dirhams, which was at the top of a marketed range.
The share sale was hugely oversubscribed, drawing orders worth over $41 billion, as investors’
appetite for listings in the Persian Gulf remains unwavering.

The region has been one of the few busy IPO spots globally, with deal activity subdued in other
markets due to aggressive interest rate hikes and market volatility. High oil prices, strong local investor
demand and government drives to list state-owed companies have instead propelled a flurry of IPOs in
the Gulf, partly driven by large pools of capital seeking investment opportunities.

Read more: Middle East Sees Year-End IPO Rush, Despite War and Global Gloom

Dubai Taxi is part of a busy year-end for Middle Eastern IPOs, with a crypto-related firm jumping 35%
on its Abu Dhabi debut on Tuesday, while health-care platform PureHealth Holding is seeking to raise
$1 billion in a listing in the United Arab Emirates’ capital.

Dubai is the Gulf’s best performing market this year, with the benchmark index up almost 20% so far,
partly driven by a jump in property-related shares.

Listing Drive

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