Individual subscriptions for Salik’s initial public offering (IPO) are set to close today in preparation for the trading of its ordinary shares on the Dubai Financial Market (DFM). Meanwhile, the qualified investor subscription period will expire the next day. Salik is the fourth company to be listed since the beginning of 2022, following Dubai Electricity and Water Authority (DEWA), Union Cooperative, and TECOM Group.
Salik recently announced an increase in the number of shares available for subscription in its IPO from 1.5 billion ordinary shares to 1.867 billion ordinary shares, bringing the percentage of shares available for trading after listing from 20 percent to 24.9 percent of the company’s capital, with the government owning 75.1 percent of the company.
Dubai’s toll operator has set the offering price at 2 dirhams per ordinary share.
In addition, Salik shares are expected to begin trading on the DFM on Sept. 29, 2022, with the company’s opening market value expected to amount to 15 billion dirhams ($4.1 billion).
The company intends to distribute dividends twice in each fiscal year following the offering, in April and October of each year.
Moreover, Salik’s capital was set at 75 million dirhams on the date of listing, divided into 7.5 billion fully paid shares, with each share worth 0.01 dirhams.