Dubai’s Dubai road toll operator Salik announced on Monday that it will be listed on the stock market and will offer 20% of its shares for public subscription before the end of September.
In its prospectus, Salik, which turned into a private joint stock company in June, said it will sell 1.5 billion shares, and the offering price will be confirmed on 22 September and the company plans to list around 29 September.
Salik was founded in 2007 to ease congestion in the regional mall, which at the end of April had 3.6 million registered vehicles, of which 1.8 million were registered in Dubai.
The company expects to distribute its first dividend for the second half of 2022 by April 2023. The company intends to pay 100% of the distributable net profit from 2023.
The listing plans aim to make Dubai a more competitive market, at a time when the largest stock exchanges in Saudi Arabia and Abu Dhabi are attracting larger listings and strong liquidity.
Gulf issuers raised more than $11bn in the first half of this year from IPOs, according to Refinitiv data, outstripping Europe even as global market volatility continued in the wake of Russia’s invasion of Ukraine.
Emirates NBD, Goldman Sachs, and Bank of America are joint global coordinators for the process, while Citigroup, EFG Hermes, and HSBC are the lead promoters for the offering.
