Due to the overwhelming response of investors to purchase shares (salik ipo), the IPO was successfully raised. The share sales through initial public offerings (IPO) rose from 20% to 24.9 percent. This will result in the sale of 186 million shares. It was previously decided to sell 150 million shares. The Dubai government will continue to hold 75.1 percent of the share capital. The sale is until September 20.
The price per share was Dh2 for the sale which began on Tuesday. The sale of ‘Salik” will result in the company being listed on the Dubai Financial Market, on September 29. SALIC was a public joint-stock company that had a 99 year tenure in June before the stake sale.
Eight toll gates are operated by the company in the Emirate. The IPO’s lead acceptor bank is Emirates NBD, Dubai’s largest bank. SALIC has also signed an agreement to UAE Strategic Investment Fund (Dubai) Holding, Shamal Holding, and Abu Dhabi Pension Fund are cornerstone investors.
Cornerstone investors pre-invest for a set number of shares. They agreed to purchase shares in an amount of 60.6 million dirhams. Dubai announced last November that it would list 10 state-owned companies to expand its stock market. Through an IPO, Dubai’s water-and-power department ‘Deva’ raised 22.41 billion Dirhams in March.