Dubai’s Salik rose 20 percent above its listing price on its market debut on Thursday.
The Dubai toll gate operator raised approximately $1 billion in its initial public offering (IPO), which was oversubscribed 49 times.
Salik’s subscription received requests from investors totaling 184.2 billion dirhams ($ 50.2 billion), reflecting the market’s high demand for initial offerings.
Following the overwhelming demand from investors to subscribe to the IPO, Salik decided to increase the size of the offering from 20 percent to 24.9 percent, or the equivalent of 1.87 billion shares.
