Dubai: Salik IPO oversubscribed 49 times, rakes in over Dh184 billion

Salik Company, Dubai’s exclusive tollgate operator, on Thursday said its initial public offering (IPO) saw overwhelming demand across all tranches.

Demand for the IPO was in excess of Dh184.2 billion ($50.2 billion), implying an oversubscription level of 49 times, for all tranches combined. The qualified investor tranche attracted demand across the globe of Dh149.5 billion, implying an oversubscription level of 43 times (excluding cornerstone, the oversubscription level stands at 52 times).

The retail offering saw tremendous appetite from the local investors with demand collected in excess of Dh34.7 billion, implying oversubscription levels of 119 times.

Investors that participated in the offering will be notified of their allocation of shares via SMS on September 26, 2022.

The company had upsized its offering size to 1,867,500,000 ordinary shares, equivalent to 24.9 per cent of total issued share capital, along with the offer price of Dh2 per ordinary share. This results in total gross IPO proceeds of over Dh3.7 billion ($1 billion) to be paid to the Government of Dubai.