Bahrain’s Gulf Hotels Group announces expansion into Saudi Arabia

Bahrain’s Gulf Hotels Group announces expansion into Saudi Arabia
Bahrain’s Gulf Hotels Group announces expansion into Saudi Arabia

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Jeddah - Yasmine El Tohamy - RIYADH: Mobility firm  Taxi Co. has commenced its subscription period for its upcoming initial public offering, revealing a price range that values the company at up to 4.6 billion dirhams ($1.25 billion).   

The IPO price range on the Dubai stock market has been set between 1.80 dirhams and 1.85 dirhams per share, according to a press release.  

This implies that the company aims to raise around 1.16 billion dirhams if the final pricing aligns with the upper end of the range. 

The release further noted that Dubai Taxi’s market value, based on this price range, will be positioned between 4.5 billion dirhams and 4.6 billion dirhams at the time of listing. The final offer price is slated to be announced on Nov. 30, 2023.  

Last week, the Dubai-based taxi operator, which is part of the Dubai government’s financial department, declared its intention to offer 624.75 million shares, equivalent to 24.99 percent of the company’s total shares, in a public offering.   

The subscription period is set to run until Nov. 28 for individual investors, and until Nov. 29, for qualified investors. Dubai Taxi anticipates the completion of the stock listing and trading to begin on the Dubai Financial Market on Dec. 7.   

As previously announced by the company, 5 percent of the IPO shares are reserved for qualified investors on behalf of the Emirates Investment Authority, with an equal portion allocated for the Pension and Social Security Fund for local military personnel.   

Mansoor Alfalasi, CEO of DTC, stated that the initial public offering has garnered strong interest since the plan was unveiled last week, reflecting the company’s investment appeal.  

He added that this illustrates robust market fundamentals and an appealing growth opportunity driven by their fleet, comprising over 7,000 vehicles, including more than 5,200 red-roof taxis.  

“DTC is at the heart of Dubai’s mobility vision, with the IPO the next important chapter in our journey,” the CEO said.  

Furthermore, Rothschild & Co Middle East Limited has been appointed as the independent financial advisor, with Citigroup Global Markets Limited, Emirates NBD Capital PSC, and Merrill Lynch International acting as joint global coordinators and joint bookrunners.  

EFG-Hermes UAE Limited and First Abu Dhabi Bank are joint bookrunners, while Emirates NBD Bank is the lead receiving bank. 

Additionally, various banks have been appointed as receiving banks, with the offering declared compliant with Shariah principles by Emirates NBD Bank. 

 

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