Salik raises its IPO size to 24.9%

Salik raises its IPO size to 24.9%

Salik announced that following approval from the UAE Securities and Commodities Authority, the Government of Dubai, represented by the Department of Finance, it increased the number of shares offered in Salik’s initial public offering (IPO) from 1.5 billion ordinary shares to 1.8 billion ordinary shares.

This means an increase in its offer Size from 20% to 24.9% of Salik’s share capital, with the Government of Dubai continuing to own 75% of Salik’s existing share capital.

The new offering size was determined by the Department of Finance, following Salik’s decision to set the offer price at 2.00 AED, which accounts for almost $0.54, per ordinary share on 13 September 2022. The UAE Retail Offer will close on September 20th, 2022 and the Qualified Investor Offering will close on September 21st, 2022.

Salik is expected to commence trading on the Dubai Financial Market (DFM) on the 29th of September 2022. The Company’s starting market capitalization is expected to be AED 15 billion, which accounts for almost $4.1 billion.

Salik is the electronic toll gate system in Dubai, it uses radio-frequency identification (RFID) technology which automatically deducts a fee when a toll gate is passed under. The Salik toll is launched and run by the Dubai Roads and Transport Authority.

Also read: DEWA Dubai’s biggest IPO is now open for subscription

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