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Dubai's toll operator Salik is selling 20% of the company, or 1.5 billion shares, via an IPO, the company said in a statement on Monday.
Salik, which was converted into a public joint stock company in June, operates 8 toll-gates in Dubai.
It will potentially be the third Dubai government-linked company to list on the DFM, following IPOs by DEWA and the Tecom Group.
Salik may consider implementing a dynamic pricing model as a way to reduce congestion and boost revenue, it said.
It was first announced in November last year that the emirate would list 10 state firms to boost the size of the Dubai Financial Market (DFM) to AED 3 trillion.
According to a statement, Salik expects to pay as dividend 100% of the net profit, after keeping aside the statutory reserves required by law.
The statutory reserves is expected to amount to AED 37.5 million for the first dividend.
It will pay dividend twice, in April and October of each fiscal year, with the first dividend for the second half of 2022 by April 2023.
The subscription period will open between 13 September and 20 September for retail investors, and on 21 September for qualified investors, the statement said.
The offer price per share will be determined following, a book building process, it added.
(Writing by Brinda Darasha; editing by Seban Scaria)
