Dubai taxi company, also known as DTC, has launched its initial public offering (IPO) and announced the start of the subscription period for its shares. DTC issued a statement today laying out the offered price range for the shares, which is expected to be set between Dh1.80 and Dh1.85 per share. This implies a market capitalization at the time of listing of between Dh4.5 billion and Dh4.6 billion ($1.2 billion).

The company announced that it will offer a total of 624,750,000 shares, equivalent to 24.99% of DTC’s total issued share capital. These shares are currently held by the Department of Finance for the Government of Dubai as the selling shareholder.

The IPO subscription period begins today and will close on 28th November for UAE Retail Investors, and on 29th November for Qualified Investors. The final offer price will be determined through a book-building process and is expected to be announced on 30th November.

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

Mansoor R. Alfalasi, Chief Executive Officer, DTC, stated, “We are delighted to open the subscription period for the Dubai Taxi Company IPO to all professional investors and retail investors in the UAE. We have seen strong interest in the IPO since announcing our intention to float last week, reflecting DTC’s compelling investment story which combines strong market fundamentals and an attractive growth opportunity powered by our fleet of over 7,000 vehicles.”

Rothschild & Co Middle East Limited has been appointed as the Independent Financial Advisor, with Citigroup Global Markets Limited, Emirates NBD Capital PSC and Merrill Lynch International as Joint Global Coordinators and Joint Bookrunners. EFG-Hermes UAE Limited and First Abu Dhabi Bank PJSC have been appointed as Joint Bookrunners. Furthermore, Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank. Abu Dhabi Islamic Bank PJSC, Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank PJSC and Mashreq Bank have also been appointed as Receiving Banks.

This announcement comes as a major milestone for DTC, as it aims to expand its footprint and offer more shared opportunities in the market. DTC is looking forward to a positive response from investors and aims to leverage this IPO to enhance its services in the UAE.