Dubai: Salik IPO may increase to 25% over high demand

According to Bloomberg, Dubai is considering increasing the initial public offering of Salik following the high demand that exceeded expectations in the first offering. According to sources, a study is currently being conducted to determine whether or not to sell up to 1.875 billion shares, representing a stake of 25% in the company. The initial plan was to offer a 20% stake, which would be equivalent to 1.5 billion shares. Following the decision to set the price of the offering at 2 Dirhams per share and the subsequent sale of all of the shares offered within a few hours of the opening of the public offering on Tuesday, the advisors working on the 3 billion dirhams deal recommended increasing the size of the offering to 3.75 billion dirhams. In response, a spokeswoman for Salik stated that the company is now considering its alternatives and refused to speak further until a decision is made. The IPO is an important and exciting time for Salik. It gives the platform to build on the success as the exclusive toll operator of Dubai's road network and supports the vision of our wise leadership to make Dubai the best city in the world to live in and achieve the goals of the Dubai 2040 Urban Master Plan. The population of Dubai is increased by 70 percent over the next twenty years, from 3.4 million people in 2020 to 5.8 million people in 2040. This makes Dubai one of the cities with the fastest rising populations in the world. The road network and related infrastructure will be vital for Dubai's next growth phase, and Salik is well placed to meet the mobility needs of the future. BKM/ Expat Media
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