Dubai Taxi Company, a major transport provider in Dubai, is gearing up for its first-ever public offering, which means they're selling a part of the company to the public. Here are the critical points in a bit more detail:
-
They're offering 624,750,000 shares, which represents about a quarter of their total shares, for sale to investors. These shares currently belong to the Dubai government and will be made available to different types of investors.
-
The sale is divided into two parts: one for people in the UAE, which runs from November 21st to November 28th, and another for professional investors, including those outside the US, which extends until November 29th.
-
The final price of these shares will be determined using a method called 'book building,' where they'll see how much investors are willing to pay.
-
If everything goes as planned, these shares will start trading on the Dubai Financial Market in December 2023.
In addition to going public, the company plans to start paying dividends to its shareholders beginning in 2024. They aim to share at least 85% of their annual profits with investors while keeping enough funds to grow the business. The chairman highlighted the significance of this move in Dubai's growth plans, emphasizing how the company plays a crucial role in Dubai's vision for expansion and sustainability.
Dubai Taxi Company isn't just about taxis; they offer VIP limousine services, run buses (including school buses), and have ventured into last-mile delivery services using bikes. They've grown significantly since their establishment in 1994, expanding their services and fleet. This offering opens up an opportunity for people to own a part of this prominent company, allowing investors to become stakeholders in Dubai's transportation sector and its future growth.
IPO Schedule
Dubai Taxi Company is taking steps towards its initial public offering (IPO), marking a significant milestone. Here's a detailed timeline of this process:
-
13th November: The company announced an IPO, indicating its intention to offer shares to the public.
-
21st to 28th November: This period allows interested individuals to apply for shares in the IPO, becoming potential shareholders.
-
5th December: The allocation day arrives, revealing the number of shares each investor receives based on their application.
-
5th December: It's also the refund day, where the exchange returns money if an investor receives fewer shares than they applied for.
-
7th December: This marks the expected day for trading to commence. If you've been allocated shares, you become an official owner and can start trading.
Throughout this process, Dhanguard, will assist and guide investors at every step, ensuring a smooth experience and providing necessary guidance. This IPO presents a unique opportunity for individuals to become part-owners of Dubai Taxi Company, playing a role in the growth and future of the company's operations in Dubai's transportation sector. Dhanguard's involvement aims to make the IPO journey accessible and understandable for potential investors, ensuring they are well informed and supported at every step of their investment journey in Dubai Taxi Company.