Dubai road-toll operator Salik, which raised 3.735 billion UAE dirhams ($1.017 billion) from its IPO, began trading on the Dubai Financial Market on Thursday at 2.40 UAE dirhams, up 20%, compared to the IPO price of 2 UAE dirhams.
The IPO was oversubscribed 49 times across all tranches. The company announced the allotment to subscribers on Tuesday. According to the prospectus, each subscriber in the first and second tranches will be allocated a minimum of 1,000 shares.
Salik, which was converted into a public joint stock company in June, set the share price for the IPO at 2 UAE dirhams per share earlier this week.
(Writing by Brinda Darasha; editing by Seban Scaria)