Clifford Chance advises on Dubai Taxi Company IPO

Clifford Chance has acted as underwriters’ counsel in relation to Dubai Taxi Company PJSC on its initial public offering (IPO) and listing on the Dubai Financial Market (DFM).

The IPO raised approximately AED 1.2 billion (equivalent to approximately US$326 million), which implied a market capitalization of AED 4.6 billion (equivalent to approximately US$1.25 billion). The IPO was 130 times oversubscribed which is the highest oversubscription level achieved by an IPO on the DFM, demonstrating the strength of the investment and investor confidence in the Company’s growth strategy.

The underwriters were Bank of America, Citibank and Emirates NBD as Joint Global Coordinators and EFG and First Abu Dhabi Bank as Joint Bookrunners.

The cross-border team was led by Dubai ECM partner Mike Taylor, with support from a core team in Dubai and London, including:

• Dubai: senior associate Rezwan Azam and associates Massimiliano Valli and Ismaila Ngum
• London: partner Chris Roe, senior associate Anjaneya Das and associate Ines Teixeira
• London US team: partner Drew Rundus and lawyers Jake DuCharme, Rachel Sumption and Geoffrey Adonu and trainee solicitor Asher Mohammed.