A Salik price has been issued by the IPO with a thought of setting at Dh2.0 per share. It is with an idea of suggesting a Dh15 billion market capitalisation. Salik Company, Dubai’s exclusive toll gate operator, announced on Tuesday that it will raise Dh3 billion through an initial public offering (IPO).
Salik will be the third company to list shares on the Dubai Financial Market, following the Dubai Electricity and Water Authority (Dewa) and Tecom Group. Both the previously mentioned IPOs saw high demand and oversubscription. And the Salik IPO is anticipated to receive a favorable response, if not a favorable response. Individual subscribers, professional investors, and eligible employees will be able to subscribe beginning September 13 and ending September 20 for retail investors and September 21 for qualified investors. On September 29, the business is expected to launch on the Dubai Financial Market (DFM).
“We are delighted by the strong interest we have received since announcing our intention to float. As a technologically advanced core infrastructure asset positioned to benefit from Dubai’s expansion plans, and given its unique capex-light business model, we believe Salik represents an attractive investment proposition for both institutional and retail investors,” said Ibrahim Sultan Al Haddad, Chief Executive Officer of Salik.
Salik stated that it has signed agreements with the UAE Strategic Investment Fund (via Emirates NBD AM SPC), Dubai Holding, Shamal Holding, and The Abu Dhabi Pension Fund (ADPF) to become cornerstone investors. A commitment has been settled by the investors to Dh606 million to the IPO, with their shares subject to a 180-day lock-up following listing.
Moelis & Company DIFC Branch has been appointed as Salik’s independent financial advisor, while Emirates NBD Capital has been chosen as the financial advisor.
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