Dubai's road-toll operator Salik's ongoing IPO has been oversubscribed 49 times across all tranches as the book building and public subscription period draws to a close.

Total gross demand for the IPO topped AED184.2 billion ($50.2 billion), implying an oversubscription level of 49 times, for all tranches combined, the company said in a statement on Thursday. 

The Qualified Investor tranche attracted demand from across the globe of AED149.5 billion implying an oversubscription level of 43x (excluding cornerstone, oversubscription level stands at 52x).

In the retail tranche, local investors pledged in excess of AED34.7 billion implying oversubscription levels of 119x.

Salik is set to sell 1.87 billion shares, amounting to slightly more than $1 billion. The offering will end on September 21, with trading expected to begin on September 29.

Following the completion of the IPO, the Government of Dubai will continue to own 75.1% of Salik’s existing share capital.

Salik, which was converted into a public joint stock company in June, earlier this week set the share price for the IPO at AED 2 per share.

The company is expected to begin trading on the Dubai Financial Market on September 29. Its starting market capitalisation is expected to be AED 15 billion.

(Reporting by Brinda Darasha; editing by Seban Scaria)