UAE In-Focus — Salik raises over $1bn in oversubscribed IPO

DUBAI: Toll operator Salik raised 3.73 billion dirhams ($1.017 billion) in an initial public offering on the Dubai Financial Market, according to a statement.

The IPO was oversubscribed 49 times across all tranches, with gross demand totaling 184.2 billion dirhams. Its offering price was 2 dirhams per share, giving it a valuation of 15 billion dirhams.

In comparison to the previously announced 1.5 billion shares, equivalent to 20 percent, the government has sold more than 1.86 billion shares of the company or 24.9 percent.