Dubai: With sizeable investor interest having already built up for the IPO, Dubai Taxi Company has set a price range of Dh1.8 to Dh1.85 a share, with subscription opening today (November 21).

Dubai Taxi is floating 24.99 per cent of its equity, and the final offer price is to be announced November 30.

The Dh1.8-Dh1.85 a share range sets DTC up to raise between Dh1.12 billion to Dh1.16 billion. And it also implies DTC having a valuation of Dh4.5 billion to Dh4.62 billion.

The listing on DFM is set for December 7.

The company had earlier announced that it will be issuing a dividend of Dh71 million in April 2024, which will be the payout for its Q4-2023 operations. Thereafter, annual dividends will be equal to a minimum of 85 per cent of the net profit.

“The DTC IPO – and the demand that we have already witnessed for it – highlights the continuing successful privatization drive in the UAE,” said Sameer Lakhani, Managing Director of Global Capital Partners. “The enthusiasm of local, regional and international investors to participate in the vibrancy of the capital markets.

“Given RTA’s success with Salik – whose stock has been up more than 57 per cent since its DFM listing – investors are looking forward to the near perfect combination of a strong dividend policy and the growth of Dubai.”