The Dubai Taxi Company surged 19.45% above its Dh1.85 per share listing price during its Thursday debut on the Dubai Financial Market (DFM). Early trading on the DFM propelled Dubai Taxi’s shares to Dh2.20, exceeding a market value of over Dh5.42 billion ($1.48 billion).
Within 15 minutes, just over 28,000 shares were traded, amassing Dh64 million.
Trading commenced under the symbol “DTC” following a successful public offering that raised approximately Dh1.2 billion ($315 million), projecting a market capitalisation of Dh4.6 billion ($1.26 billion) upon admission and a final offer price of Dh1.85. The DFM imposed no price limits on the shares for the initial trading day.
“We feel proud to say that DTC is the first mobility company to be listed on DFM whilst also supporting the emirate’s ongoing privatisations program, with our IPO attracting significant investment into Dubai’s capital markets and further strengthening the DFM’s position as a leading regional bourse,” said Abdul Muhsen Ibrahim Kalbat, Chairman, Board of Directors, Dubai Taxi Company.
DTC’s successful listing marks the second DFM listing in 2023.
“The record-breaking demand for DTC’s IPO, which was 130 times oversubscribed, reflects the strength of our investment proposition as Dubai’s largest mobility company,” said Mansoor Rahma Alfalasi, CEO of Dubai Taxi Company. “With a strategy that capitalises on Dubai’s stellar growth prospects, we are in a strong position to deliver value to our new and existing shareholders as we invest in the latest technologies and continue our expansion across Dubai and into neighbouring emirates.”
In the first nine months of 2023, the DFM General Index witnessed a 24.8% increase, with the total trading value surging to Dh78 billion.
