Dubai Taxi Company (DTC) successfully raised Dh1.2 billion (approximately $315 million) in its initial public offering (IPO) by pricing it at the top of the range. The final offer price of Dh1.85 per share, representing 24.99% of the company's total issued share capital, resulted in an oversubscription level of 130 times, reaching more than Dh150 billion ($41 billion) in total demand. DTC's market capitalization upon listing is anticipated to be Dh4.6 billion ($1.26 billion), marking a significant achievement on the Dubai Financial Market (DFM).

The strong demand for the IPO underscores the high-quality investment opportunity presented by DTC, driven by Dubai's robust economic growth, population and tourism expansion, and a pioneering vision for mobility and sustainability. The offering, oversubscribed by 130 times for qualified investors, reflects confidence from both regional and international institutional investors and UAE-based retail investors. Following the IPO's completion on December 7, subject to approvals, the Department of Finance will continue to own 75.01% of DTC's share capital.