Salik Increases Its IPO Offer to 24.9%

Publish date: Friday، 16 September 2022

(WAM) Salik Company has increased the number of shares offered in Salik’s Initial Public Offering (IPO) from 1,500,000,000 ordinary shares to 1,867,500,000 ordinary shares, which would result in an increase in the Offer Size from 20.0% to 24.9% of Salik’s share capital, with the Government of Dubai continuing to own 75.1% of Salik’s existing share capital.

Salik has also received approval from the Securities and Commodities Authority (SCA) to allocate the increase of the Offer Size to the respective tranches as follows: the First and Third Tranches (in aggregate) will increase from 120,000,000 to 145,725,000 ordinary shares (or c.7.8% of the Offer Size), whilst the Second Tranche (for qualified investors) will increase from 1,380,000,000 to 1,721,775,000 ordinary shares (or c.92.2% of the Offer Size).

The new offering size was determined by the Selling Shareholder, following Salik’s decision to set the offer price at AED2.00 per ordinary share on 13th September 2022, providing investors with a highly attractive value proposition.

The subscription period for the Salik IPO remains unchanged. The UAE Retail Offer will close on 20th September, 2022, and the Qualified Investor Offering will close on 21st September, 2022.

Salik is expected to commence trading on the Dubai Financial Market (DFM) on 29th September, 2022, under the symbol "SALIK" and ISIN AEE01110S227. The Company’s starting market capitalisation is expected to be AED15.0 billion (US$4.1 billion).

Investors who participated in the UAE Retail Offer will be notified of their allocation of shares via SMS on 26th September, 2022.

Salik Increases Its IPO Offer to 24.9%

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Salik Increases Its IPO Offer to 24.9%

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