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11/22/23, 4:14 PM For Dubai Taxi IPO, retail investors tap banks for loans from 'Dh50,000 to millions' of dirhams | Banking – Gulf News

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EXCLUSIVE

For Dubai Taxi IPO, retail investors tap banks for

loans from 'Dh50,000 to millions' of dirhams

Ahe ad of IPO's openi ng , retail investor demand for Dubai Taxi is already at its peak

Pub lished: November 20, 2023 07:32 Last up dated: November 20, 2023 07:53
Manoj Nair, Business Editor

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Investors are queuing up for the Dubai Taxi Company's IPO. Banks in the UAE are already feeling that investor rush for loans to subscribe.
Image Credit: WAM

Dubai: Potential investors in the Dubai Taxi Company’s IPO – which opens Tuesday (November 21) – have been flooding

local banks with loan requests, which they plan to use to subscribe for the shares. Be demand generated is the ‘biggest to

date’ for a Dubai IPO, banking industry sources say.

“Bere are many who missed out subscribing to the Salik IPO last year – they don’t want that to happen with the Dubai

Taxi float,” said a banker. “Be FOMO (fear of missing out) sentiment is very much in evidence.”

Loan submissions are anywhere from ‘Dh50,000 to Dh10 million’, said another banker.

Bis despite the high prevailing interest rates on new loans, after the round of 11 hikes brought on by the US Federal

Reserve and matched by the UAE Central Bank.

For banks that will offer loans for the IPO subscription, it’s coming out as a true win-win situation for them.

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