Dubai toll operator Salik’s IPO at $0.54 offer price covered within hours

DUBAI: Dubai government-owned road-toll operator Salik, which priced its initial public offering at 2 dirhams ($0.54) saw all its offered shares bought over by investors within hours of its opening on Tuesday. 

The Dubai-based firm has offered 1.5 billion shares, or 20 percent stake, on the Dubai Financial Market as it looks to raise $817 million.  

Individuals and eligible Salik employees can subscribe from Sept. 13 through Sept. 20, and professionals and institutional investors can subscribe until Sept. 21, it said in a statement.