‎(Bloomberg): The Middle East witnesses a rush of IPO by year ‎end

A Bloomberg report said that public offerings were active in the Middle East before the end of the year, despite the conditions the region is experiencing due to the Uday War, as well as the economic conditions in the world that are still unclear. The report touched on the launch of the MBC Group in the Saudi market and “Dubai Taxi” in the Dubai market

The initial public offering of the Dubai Taxi Company, whose owners seek to raise 1.16 billion dirhams ($315 million), attracted sufficient purchase orders to cover all the shares offered within the first hour of opening the subscription door. According to Bloomberg, the subscription order book was covered within the pre-determined price range, in accordance with the terms of the offering.

The company had announced that the government would sell 624.75 million shares, or 25% of its shares, with a price range ranging between 1.8 and 1.85 dirhams per share, valuing the value of “Dubai Taxi” at up to 4.62 billion dirhams.

This initial public offering is the first sale of shares carried out by the Dubai government in more than 12 months, as the emirate raised $8.3 billion from the sale of shares in four companies it owns, including the Dubai Electricity and Water Authority, during 2022.

Regarding the Arab media giant MBC, the group announced the prospectus for the offering of 33.25 million shares, representing 10% of the company’s capital, for a period of 5 days starting from Thursday, December 14, 2023 until Monday, December 18, 2023, and the parties receiving the subscription are the National Saudi Bank and the Banque Saudi Fransi, Riyad Bank and Arab Bank.