Dubai Taxi Company increased the total number of shares allocated to retail investors in its initial public offering, amid strong demand from subscribers.
The UAE retail offer was increased to 74.97 million shares from about 62.48 million shares, the company said in a statement on Tuesday.
This represents 12 per cent of the total shares offered in the IPO, up from 10 per cent previously, “due to significant demand and oversubscription”, DTC said.
The offering size remains unchanged at 624.75 million shares, representing 24.99 per cent of DTC’s total issued share capital, according to the company.
Following the increased allocation to the UAE retail offer, the qualified investor tranche has been reduced to 549.78 million shares from about 562.28 million shares, representing 88 per cent of the total shares offered.
The subscription period for qualified investors closes on Wednesday, while it closed for retail investors on Tuesday.
Dubai Taxi Company is looking to raise as much as Dh1.16 billion ($315 million) through its listing on the Dubai Financial Market as part of the emirate’s push to broaden its capital markets.
The price range for the public float has been set between Dh1.80 and Dh1.85 per share. The company expects to announce the final offer price on November 30.
The size of the retail tranche will now be valued between Dh135 million and Dh139 million, based on the previously announced price range, the company said.
Completion of the offering and listing is currently expected to take place on December 7.
Dubai announced plans in November 2021 to list 10 state-owned companies to increase the size of its financial market to Dh3 trillion ($816.8 billion), as well as set up a Dh2bn market-maker fund to encourage the listing of more private companies from sectors such as energy, logistics and retail.
Four of the announced 10 state-owned enterprises listed on Dubai Financial Market last year.
The listing of Dubai Electricity and Water Authority was the largest GCC IPO last year, raising $6.1 billion.
State-owned Tecom, Salik and Empower collectively raised $2.2 billion in June, September and November 2022, respectively.
Overall, Middle East IPOs raised more than $23 billion in 2022, compared with $7.52 billion from 20 offerings in the previous year.
That was the highest share for the Gulf region after 2019, when Saudi Aramco went public in a $29 billion offering, the world’s largest.
Dubai Taxi Company was founded in 1995 and has a fleet of about 7,000 vehicles that service Dubai's growing population. It is the biggest taxi operator in the emirate and currently holds about 44 per cent market share.
Emirates NBD Capital, First Abu Dhabi Bank and EFG Hermes UAE have been appointed as the joint lead managers for the IPO.
The lead receiving bank is Emirates NBD.
FIGHT CARD
Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)
Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)
Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)
Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)
Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)
Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)
Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
Crime%20Wave
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No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
