Home Business Dubai’s Salik ups IPO size 24.9% on strong investor demand

Dubai’s Salik ups IPO size 24.9% on strong investor demand

by Dubai Forum
0 comment

DUBAI, 16th September, 2022 (WAM) — Salik Company today announced that it has increased the number of shares offered in Salik’s Initial Public Offering (IPO) from 1,500,000,000 ordinary shares to 1,867,500,000 ordinary shares, which would result in an increase in the Offer Size from 20.0% to 24.9% of Salik’s share capital, with the Government of Dubai continuing to own 75.1% of Salik’s existing share capital.

Salik has also received approval from the Securities and Commodities Authority (SCA) to allocate the increase of the Offer Size to the respective tranches as follows: the First and Third Tranches (in aggregate) will increase from 120,000,000 to 145,725,000 ordinary shares (or c.7.8% of the Offer Size), whilst the Second Tranche (for qualified investors) will increase from 1,380,000,000 to 1,721,775,000 ordinary shares (or c.92.2% of the Offer Size).

The new offering size was determined by the Selling Shareholder, following Salik’s decision to set the offer price at AED2.00 per ordinary share on 13th September 2022, providing investors with a highly attractive value proposition. The decision also reflected Salik’s prioritisation of supporting aftermarket trading performance post-listing.

The subscription period for the Salik IPO remains unchanged. The UAE Retail Offer will close on 20th September, 2022, and the Qualified Investor Offering will close on 21st September, 2022.

Salik is expected to commence trading on the Dubai Financial Market (DFM) on 29th September, 2022, under the symbol “SALIK” and ISIN AEE01110S227. The Company’s starting market capitalisation is expected to be AED15.0 billion (US$4.1 billion).

Investors who participated in the UAE Retail Offer will be notified of their allocation of shares via SMS on 26th September, 2022.

You may also like

Leave a Comment

About Us

Dubai Forum your daily news roundup covering news from Dubai, the United Arab Emirates and the Middle East region in general.

We share news about #people, #travel, #fashion, #startups and #Dubai #communities #DubaiForum

Newsletter