Dubai Taxi Company to offer 24.9% in IPO

Dubai Taxi Company will offer 624.75 million shares - representing 24.99% of the company's total share capital - in initial public offering (IPO) on the Dubai Financial Market.

Approving a new resolution, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said the "initiation of floating the Company’s shares for an IPO (will be) in accordance with the ratios established by The Executive Council of Dubai".

The subscription period will open on November 21 and end on November 28 for UAE Retail Investors and November 29 for Professional Investors.

On Sunday, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued a law converting Dubai Taxi into a public joint stock company.

It will now be recognised as a public joint-stock company named 'Dubai Taxi Company (PJSC),' with financial and administrative independence, enabling it to pursue its activities and objectives, the Dubai Media Office said.

. @HHShkMohd issues Law No. (21) of 2023 pertaining to ‘Dubai Taxi Company’. Law No. (21) of 2023 amends the legal status of Dubai Taxi Corporation, created pursuant to Executive Council Resolution No. (48) of 2016. It is now recognised as a public joint-stock company named… pic.twitter.com/fy8rGtMPqN

— Dubai Media Office (@DXBMediaOffice) November 12, 2023

Sheikh Hamdan also approved the Council’s Resolution pertaining to the bylaws and regulations.

"This includes the initiation of floating the Company’s shares for an Initial Public Offering (IPO) in accordance with the ratios established by The Executive Council of Dubai. It also encompasses defining the purposes and objectives of the Company, as well as the procedures for the appointment and election of the Company’s Board of Directors, among other bylaws and regulations that govern the Company's operations," Dubai Media Office added.

He also approved the Board of Directors of the Dubai Taxi Company, with Abdul Mohsin Ibrahim Younis as the Chairman and Ahmed Ali Al Kaabi as Vice Chairman. Other members include Shehab Hamad Abu Shehab, Youssef Ahmed bin Ghalaita, Dr. Hanan Sulaiman Al Suwaidi, Abdulla Mohammed bin Damithan, and Issa Abdullah bin Natouf.