'Salik' Announces Offer Price at AED2.0 Per Share

Dubai’s exclusive toll gate operator Salik Company has announced the offer price and start of the subscription period for its initial public offering (IPO) on the Dubai Financial Market (DFM).

The price for the Offering has been set at AED2.0 per share. The total Offering size is expected to be AED3 billion (US$817 million), implying a market capitalisation at listing of AED15 billion ($4 billion), a company statement said on Tuesday.

A total of 1,500,000,000 ordinary shares, equivalent to 20% of Salik’s total issued share capital, will be offered, with the Selling Shareholder reserving the right to increase the size of the Offering at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and approval of the Securities & Commodities Authority (the SCA).

All shares to be offered shall represent the sale of existing shares held by the Government of Dubai.

#Salik announced its intention to float on the Dubai Financial Market.

The retail subscription period commences on 13 Sept 2022 & closes on 20 Sept 2022.
To learn more, call the #ADIB IPO Call Centre on +971 2 652 0878 or visit https://t.co/xWCE6L6vam

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— ADIB Tweets (@ADIBTweets) September 7, 2022

The Offering is available to the following subscribers;

Individual and other investors in the UAE as defined in the prospectus in Arabic, and referred to as "First Tranche" subscribers; Certain eligible employees (the Eligible Employees) as defined in the UAE prospectus and referred to as "Third Tranche" subscribers; an offering to professional investors and other investors in a number of countries, including in the UAE, outside the United States of America in reliance on Regulation S (the Qualified Investor Offering) and referred to as "Second Tranche" subscribers.

As part of the Qualified Investor Offering, and in accordance with both the Companies Law and the Dubai Law, five percent of the Offering will be reserved for offer to the Emirates Investment Authority (EIA), and five percent of the Offering will be reserved for offer to the Pensions and Social Security Fund of Local Military Personnel.

The IPO subscription period starts today and runs until 20th September 2022 for the UAE Retail Offering and 21st September 2022 for the Qualified Investor Offering.

The completion of the Offering and Admission is currently expected to take place on 29th September 2022, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of Admission to listing and trading on the DFM.