In the IPO, DTC will offer 624,750,000 existing shares, representing 24.99% of its total issued share capital, currently held by the Government of Dubai's Department of Finance. The offering is divided into two segments: the UAE Retail Offering for individual investors and the Qualified Investor Offering for professional investors outside the U.S.

The subscription period for UAE Retail Investors is scheduled from November 21 to November 28, and for Professional investors until November 29. The final offer price will be set through a book-building process, and the size of the offering may change based on the Selling Shareholder's discretion.

Emirates NBD Bank PJSC's Internal Sharia Supervision Committee has confirmed the offering's compliance with Shariah principles. DTC plans to pay dividends bi-annually starting from the fiscal year 2024, with a commitment to distribute a minimum of 85 percent of the annual net profit.

DTC, with a fleet of over 7,000 vehicles and more than 14,000 driver partners, holds a 44% market share in Dubai's taxi fleet sector. The completion of the IPO and admission to trading on the DFM is expected in December 2023, subject to market conditions and regulatory approvals.

This IPO is part of Dubai’s wider privatization program and is expected to contribute to the company's growth in line with Dubai’s economic expansion and urban development plans. Details about the IPO will be available on DTC's official website.