Dubai Taxi Company's initial public offering (IPO), with a targeted value of up to 1.16 billion dirhams ($315 million), saw robust demand, surpassing the deal coverage within an hour of opening. The books for the IPO are reported to be covered across the entire price range, indicating strong investor interest. The government is divesting a 25% stake, offering 624.75 million shares at a price range of 1.8 dirhams to 1.85 dirhams each, valuing Dubai Taxi at up to 4.62 billion dirhams. Investors can submit orders until November 29, and the final offer price will be disclosed on November 30, with trading expected to commence on December 7.

This marks Dubai's first government-led IPO in over a year, following the successful divestment of stakes in four state-owned companies in 2022, generating $8.3 billion. The current IPO is part of a broader initiative announced two years ago to list 10 state-owned entities, aimed at invigorating trading volumes and aligning with similar efforts in Abu Dhabi and Riyadh.