Dubai’s $315 Million Taxi IPO Sells Out in an Hour
- Dubai road authority is selling 25% stake in city taxi service
- Govt is seeking to raise as much as $315 million in the IPO
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Dubai Taxi Co.’s initial public offering of as much as 1.16 billion dirhams ($315 million) received enough orders to cover the deal within an hour of opening, showing strong demand for the emirate’s first privatization in a year.
Books are covered throughout the price range, according to terms of the deal obtained by Bloomberg News. The government is selling 624.75 million shares, or a 25% stake, at 1.8 dirhams to 1.85 dirhams each, the company said Tuesday. That values Dubai Taxi at as much as 4.62 billion dirhams.