Dubai Taxi Company's Market Debut Witnesses Nearly 20% Soar in Share Prices

08 Dec, 2023

Dubai Taxi Company's Market Debut Witnesses Nearly 20% Soar in Share Prices

The Dubai Taxi Company (DTC) witnessed a soaring ascent in its shares upon its debut on the Dubai Financial Market (DFM), surging by 19.459% to close at Dh2.21.

As the most traded share in terms of value and volumes, DTC observed a substantial exchange of 113,021,176 shares valued at Dh246,634,380.19, according to DFM data.

The overwhelming demand from both international and regional institutional investors, as well as retail investors in the UAE, resulted in total demand exceeding Dh150 billion (approximately $41 billion), marking an extraordinary oversubscription level of 130 times—an unprecedented achievement for an IPO on the DFM.

This successful listing, the second on DFM in 2023, underscores the robustness of Dubai's capital markets and solidifies DFM's pivotal role in advancing Dubai's economic development.

Amidst the ringing of the DFM market opening bell by Abdul Muhsen Ibrahim Kalbat (Chairman, DTC) and Mansoor Rahma Alfalasi (CEO, DTC), in the presence of Helal Al Marri (Chairman of DFM) and Hamed Ali (CEO of DFM and Nasdaq Dubai), DTC shares commenced trading under the symbol "DTC." The Company's public offering raised approximately Dh1.2 billion, resulting in a market capitalization of Dh4.6 billion upon admission and a final offer price of Dh1.85, with no price limits applied on the first trading day.

Al Marri emphasized the significance of the listing, showcasing Dubai's economic strength and investor confidence, aligning with Dubai Economic Agenda 'D33' goals, while Ali highlighted DFM's attractiveness to investors and its role in fostering Dubai's economic growth.

Kalbat reiterated the milestone achieved by DTC, contributing to Dubai's mobility infrastructure and supporting the emirate's privatization program. Alfalasi expressed pride in DTC's IPO success and highlighted their strategic growth plans aligning with Dubai's prosperous trajectory.

The DFM's performance during the first nine months of 2023, with a 24.8% surge in the DFM General Index and a total trading value of Dh78 billion, exemplifies its global appeal and status as a flourishing financial ecosystem, boasting a diverse investor base of over a million from more than 200 nationalities.