Dubai Taxi Surges 19.46% on Inaugural Trading Day
The Dubai Taxi Company made a remarkable debut on the Dubai Financial Market, concluding its first day of trading with a substantial 19.46% increase compared to the offering price, reaching 2.21 dirhams.
Historic Public Offering Demand
The listing marked the second public offering and listing on the Dubai Financial Market for 2023, witnessing extraordinary demand from both international and regional investors, as well as individual investors in the UAE. The total demand for subscriptions surpassed a staggering 150 billion dirhams (approximately 41 billion US dollars), exceeding the expected level by a remarkable 130 times. This historic initial public offering (IPO) stands as the largest ever on the Dubai financial market, underscoring the robust investment proposition presented by the Dubai Taxi Company.
Market value and strong confidence
After a successful public offering that raised 1.2 billion dirhams (about 315 million dollars), the company's market value upon listing reached approximately 4.6 billion dirhams (around 1.26 billion US dollars). The final offering price settled at 1.85 dirhams per share. The absence of price limits on the first day of trading showcased the market's confidence in Dubai Taxi shares, with limits slated to apply from the second day onwards.
Symbolic Bell-Ringing Ceremony
The Chairman of the Board of Directors of the Dubai Taxi Company, Abdul Mohsen Ibrahim Kalbat, marked the beginning of trading on the Dubai Financial Market by ringing the bell, joined by Helal Al Marri, Chairman of the Board of Directors of the Dubai Financial Market, and Hamed Ali, CEO of the Dubai Financial Market and Nasdaq Dubai.
Strategic Significance for Dubai
Helal Al Marri emphasized the listing's alignment with the Dubai Economic Agenda D33, acknowledging the pivotal role of Dubai Taxi Company in fortifying the emirate's global standing as a capital center. He highlighted the success of Dubai Taxi as contributing to diversification strategies, affirming Dubai's economic strength and investor confidence.
Commitment to Growth and Diversification
Hamed Ali, CEO of the Dubai Financial Market and Nasdaq Dubai, expressed satisfaction with the Dubai Taxi Company's listing, viewing it as a significant stride in the market's growth and diversification strategy. He noted the sustained momentum in trading activities, with a total market value of listings reaching 12.3 billion dirhams throughout the year, showcasing the attractiveness of Dubai's markets to investors.
Strengthening capital markets
The Dubai Taxi Company's listing underpins its commitment to robust capital markets and accelerates new listings, reinforcing Dubai's status as a leading global economic center. This strategic move is expected to provide diverse investment opportunities, further enhancing the financial system's vibrancy in the Emirate of Dubai.
