Dubai Taxi Company shares soared as they listed on the Dubai Financial Market on Thursday

Shares of Dubai Taxi Company (DTC) saw tremendous growth, following their listing on the Dubai Financial Market on Thursday, closing at Dh2.21 after climbing 19.459 percent throughout the day. The most traded share in terms of volume and value was DTC. DFM data shows that 113,021,176 shares total, valued Dh246,634,380.19, changed hands.

Demand for the offering was high, with over Dh150 billion (about $41 billion) from both domestic and foreign institutional investors as well as individual investors in the United Arab Emirates. This indicates a 130-fold aggregate oversubscription level. This is the greatest amount of oversubscription that an IPO on the DFM has ever attained.

The successful offering of DTC, the second DFM listing in 2023, highlights the resilience of Dubai's capital markets and underlines the DFM's key role in the city-state's long-term economic growth strategy.

In the presence of Helal Al Marri, Chairman of DFM, Hamed Ali, CEO of DFM and Nasdaq Dubai, and a number of other officials, Abdul Muhsen Ibrahim Kalbat, Chairman of the Board of Directors of DTC, and Mansoor Rahma Alfalasi, Chief Executive Officer, rang the opening bell of the DFM market to commemorate the listing.

After the company's successful public offering, which generated around Dh1.2 billion with a market capitalization of Dh4.6 billion upon admission and a final offer price of Dh1.85, shares started trading under the symbol "DTC". On the first trading day, the DFM did not impose any price limitations on the shares.

The DFM General Index increased by 24.8% in the first nine months of 2023, bringing the DFM's total trading value to Dh78 billion. More than 200 different nationalities make up the DFM's investor base, which exceeds one million, underscoring the platform's attractiveness as a dynamic financial ecosystem on a worldwide scale.