Dubai Taxi Hits the Stock Market: A Record-Breaking Debut on DFM

In a historic move, Dubai Taxi Company PJSC (DTC), a key player in providing transportation solutions in Dubai, has made its debut on the Dubai Financial Market (DFM). This exciting development has been met with overwhelming enthusiasm from investors, both local and international.

The initial public offering (IPO) of DTC witnessed an astonishing demand, reaching over AED150 billion (approximately US billion), making it oversubscribed by a remarkable 130 times. This exceptional level of interest sets a new record for IPOs on the DFM, showcasing the strong appeal of DTC’s investment opportunities and the confidence investors have in the company’s growth plans and Dubai’s flourishing economy.
To mark this great occasion, Abdul Muhsen Ibrahim Kalbat, Chairman of the Board of Directors, and Mansoor Rahma Alfalasi, CEO of DTC, rang the DFM market opening bell. The rite became attended through distinguished figures which includes Helal Al Marri, Chairman of DFM, and Hamed Ali, CEO of DFM and Nasdaq Dubai. Shares of DTC are now trading underneath the symbol “DTC,” having efficiently raised around AED1.2 billion (approximately US5 million) via the IPO.

Read More: UAE president announces $30 bln fund to bridge climate finance gap

The marketplace capitalization on admission stands at AED4.6 billion (about US.26 billion), with a final provider rate of AED 1.85 billion. Notably, the first day of buying and selling saw no rate limits carried out to the shares.

Read More: Pakistan’s Foreign Reserves Soar to $12.39 Billion with Saudi Arabia’s Support

Helal Al Marri, Chairman of DFM, expressed a warm welcome to Dubai Taxi, emphasizing the list as an important step in the capital market’s development. He highlighted the success of DTC as a testament to Dubai’s financial electricity and investor self assurance, aligning with the city’s monetary goals.