Dubai Taxi IPO Valuation Soars to Dh4.6 Billion

Dubai Taxi Company’s Initial Public Offering Oversubscribed 130 Times, Reflecting Strong Investor Confidence and Support for Dubai’s Privatization Program

Dubai Taxi IPO Company made headlines on Wednesday as it announced the overwhelming success of its Initial Public Offering (IPO), which was oversubscribed an astonishing 130 times. The final offer price of Dh1.85 has positioned the company at a market valuation of Dh4.6 billion, setting the stage for its debut on the Dubai Financial Market on December 7.

  • The Dubai Taxi Corporation (DTC) has seen its valuation soar to Dh4.6 billion ($1.25 billion) ahead of its initial public offering (IPO).
  • The IPO is expected to be one of the largest in Dubai this year, with the DTC planning to sell a 10% stake in the company.
  • The strong valuation reflects the DTC’s strong financial performance and its position as a leading taxi operator in Dubai.
  • The DTC has a fleet of over 12,000 taxis and serves over 17 million passengers per year.
  • The company is also expanding its operations into other areas, such as car rental and ride-hailing.

Record-breaking Oversubscription

The IPO witnessed an unprecedented level of demand, with total requests exceeding Dh150 billion. This remarkable oversubscription level of 130 times stands as the highest ever achieved by an IPO on the Dubai Financial Market, underlining the strong confidence and interest from both international and regional institutional investors, as well as retail investors in the UAE.

Offering Details

The final offer price of Dh1.85 resulted in an offering size of approximately Dh1.2 billion ($315 million), consisting of 624,750,000 shares, representing 24.99% of Dubai Taxi Company’s total issued share capital. The gross proceeds of the IPO, after accounting for any associated expenses, will be around Dh1.2 billion, directed to the Department of Finance representing the Government of Dubai, the selling shareholder.

Market Capitalization and Ownership

Upon listing, Dubai Taxi Company‘s market capitalization is expected to reach approximately Dh4.6 billion. Following the IPO, the Department of Finance will continue to hold a 75.01% stake in the company. This significant influx of capital is poised to support the company’s growth initiatives, including the expansion of its market-leading fleet, investment in cutting-edge technologies, and geographical expansion within Dubai and neighboring emirates.

CEO’s Perspective

Mansoor R. Alfalasi, Chief Executive Officer of Dubai Taxi Company, expressed his enthusiasm for the exceptional demand, attributing it to the company’s strong fundamentals rooted in Dubai’s economic growth, population surge, and tourism development. He also highlighted the company’s commitment to supporting Dubai’s privatization program and its role in reinforcing investor confidence.

Key Players and Advisors

Rothschild & Co Middle East Limited served as the independent financial advisor, while Citigroup Global Markets Limited, Emirates NBD Capital PSC, and Merrill Lynch International were appointed as joint global coordinators and joint bookrunners. EFG-Hermes UAE Limited and First Abu Dhabi Bank PJSC acted as joint bookrunners, with Emirates NBD Bank PJSC leading as the Receiving Bank.

Future Outlook

The completion of the offering and admission is scheduled for December 7, contingent upon market conditions and regulatory approvals. The successful IPO is expected to mark a significant milestone for Dubai Taxi Company, positioning it for continued success in the evolving landscape of the Dubai Financial Market. Investors can anticipate SMS confirmations and refunds beginning on December 5.


Dubai Taxi Company’s record-breaking IPO not only underscores the company’s robust standing in the market but also signifies investor confidence in Dubai’s growth trajectory. As the countdown to its listing on the Dubai Financial Market begins, all eyes are on the company’s future as it embarks on a new chapter as a publicly traded entity.