Page 17 - SALIK PR REPORT NOVEMBER 2023

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

“Most of the loan will anyway gets repaid back instantly because investors get low allocation,” said a banker. “But for

special customers we offer competitive rates that include very low markups over the EIBOR (0.25 per cent) lending rate.

And even fixed rates depending on the tenor and the customer.

“But the demand for Dubai Taxi Company is the highest that we have seen since the beginning of the IPO process. We are

advising customers to expect low allocations. Because of this, they are increasing their amount for the IPO subscriptions.

“Based on what we are seeing, this will sell out in minutes. I cannot comment on institutional investor demand, but even

the high networth investor demand is off the charts.”

Mansoor Rahma Alfalasi

DUBAI TAXI CEO

Mansoor Rahma Alfalasi has been named CEO of Dubai Taxi Company.

With nearly 20 years’ experience within the mobility sector as part of the regulatory body at Dubai’s RTA, he had been

the CEO of Dubai Taxi Corporation since 2020 and until the formation of Dubai Taxi Company earlier this month.

“As we amplify the DTC story internationally and prepare to welcome new investors through our IPO on DFM, it is a

privilege and honour to lead DTC and the highly talented people across the organisation," said Alfalasi in a statement.

Minimum allotment

Each retail investor in the IPO can expect to pick up a minimum of 2,000 shares. DTC is offering 24.9 per cent in the
company to retail and institutional investors (the size can be raised at any point during the process).

Tomorrow, ahead of the subscription opening the IPO price will be announced and the listing on DFM is set for next

month.

For the loans, “We are giving IPO investors funds against deposits and even other assets,” said another banker. We see

demand higher than for any other IPO we have seen this year in terms of retail loans.”

https://gulfnews.com/business/banking/for-dubai-taxi-ipo-retail-investors-tap-banks-for-loans-from-dh50000-to-millions-of-dirhams-1.1700451568730 2/8