2024-09-13 07:46:06 +0300

Road-toll operator Salik aims to raise $817 mln in Dubai IPO - Gulf News

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Nasdaq
By Reuters

By Hadeel Al Sayegh and Enas Alashray

DUBAI, Sept 13 (Reuters) - Dubai road-toll operator Salik priced its initial public offering at 2 dirhams a share, according to Dubai-based daily Gulf News on Tuesday, valuing the issue at around 3 billion dirhams ($817 million).

Salik is the third state-linked entity to seek a listing this year in Dubai, in a programme aimed at attracting investor interest in the domestic stock exchange.

Cornerstone investors UAE Strategic Investment Fund, Dubai Holding, Shamal Holding and the Abu Dhabi Pension Fund, have committed about 606 million dirhams, the report said.

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Salik's offer price was announced through advertisements in local media, and was determined following investor engagement that saw significant strong initial demand indications from both local and international investors, the newspaper added.

Dubai's deputy ruler, Sheikh Maktoum Bin Mohammed, announced plans in November to turn Salik, then a division of the Roads and Transport Authority (RTA), into a public company. The listing of Salik and nine other government-linked entities was intended to boost stock market activity.

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