DUBAI: Dubai Taxi Company has announced an increase in the number of shares offered in the UAE Retail Offer of its Initial Public Offering (IPO) in response to significant oversubscription of the UAE Retail Offer.

Following the Securities and Exchange Authority (SCA) approval, the UAE Retail Offer has been increased to 74,970,000 ordinary shares from 62,475,000 ordinary shares. Based on the previously announced price range of AED1.80 and AED1.85 per share, the size of the Retail Tranche will now be between approx. AED135 million and approx. AED139 million, representing 12% of the Offer Shares, compared to 10% previously announced.

The Offering size remains unchanged at 624,750,000 ordinary shares, representing 24.99% of the company’s total issued share capital. Following the increased allocation to the UAE Retail Offer, the Qualified Investor Tranche will be allocated 549,780,000 ordinary shares, instead of 562,275,000 ordinary shares, representing 88% of the Offer Shares, compared to 90% previously announced.

The Offering and Admission is expected to be completed on 7th December 2023, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of Admission to listing and trading on the DFM.