Dubai road-toll operator Salik is selling 20 per cent of the company via an initial public offering, the company said in its intention to float document on Monday.
Salik, which was converted into a private joint stock company in June, is selling 1.5 billion shares to the public with a listing planned around Sept. 29, it said in the document.
Dubai announced plans in November to turn Salik, then a division of the Roads and Transport Authority (RTA), into a public company.
The offering will begin on September 13 and 1.5 billion shares in Salik will be available with the IPO expected to raise over AED 3.6 billion.
Joint lead managers include Emirates NBD Capital, EFG-Hermes and HSBC Bank Middle East.
The Salik system was introduced to Dubai’s roads in 2007 and is Arabic for ‘open’.