Dubai Taxi Company (DTC), a leading provider of comprehensive mobility solutions in Dubai, has announced its intention to proceed with an initial public offering (IPO), and to list its ordinary shares to trading on the Dubai Financial Market.

DTC’s IPO, which comes after the enterprise was converted into a public joint stock company by the Government of Dubai, will see 624,750,000 shares, each with a nominal value of AED 0.04, made available in the offering, which represents 24.99% of its total issued share capital.

The National noted that this development is in line with the government’s announcement in November 2021 to list 10 state-owned companies to increase the size of its financial market to AED3 trillion ($816.8 billion). In 2022, it had raised $8.3 billion selling stakes in four state-owned companies, according to Bloomberg.

After being established in 1994 to operate a fleet of taxis, DTC has since expanded to offer an extensive range of integrated mobility solutions across four key business lines: taxis, VIP limousines, buses, and last mile delivery bike services.

Rothschild & Co Middle East Limited has been appointed as the Independent Financial Advisor for DTC’s IPO. Citigroup Global Markets Limited, Emirates NBD Capital PSC, and Merrill Lynch International have been appointed as Joint Global Coordinators and Joint Bookrunners.

EFG Hermes UAE Limited (acting in conjunction with EFG Hermes UAE LLC) and First Abu Dhabi Bank PJSC have been appointed as Joint Bookrunners. Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank. Abu Dhabi Islamic Bank PJSC, Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, and Mashreq Bank have also been appointed as Receiving Banks.

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