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DUBAI: Dubai Taxi Company (DTC) on Tuesday kicked off the subscription period for its upcoming initial public offering (IPO), and announced a price range for the offering, which would value it at up to 4.6 billion dirhams ($1.25 billion).

DTC, which plans to offer a 25% stake through a public sale, set a range between 1.80 dirhams and 1.85 dirhams per share, implying a market capitalisation at listing of 4.5 billion dirhams to 4.6 billion dirhams, it said in a statement.

The final offer price is expected to be announced on Nov. 30.

Shares are scheduled to begin trading on the Dubai Financial Market on Dec. 7, subject to regulatory approvals.

Government-owned DTC is the latest public share sale from Dubai as part of a broader privatisation programme to list 10 state-linked companies to boost stock market activity, repay debt and deepen capital markets.

“We have seen strong interest in the IPO since announcing our intention to float last week, reflecting DTC’s compelling investment story,” said CEO Mansoor Alfalasi. “DTC is at the heart of Dubai’s mobility vision, with the IPO the next important chapter in our journey.”

Flying and self-driving taxis: Dubai embraces the future of transport

The company has appointed Citigroup Global Markets Limited, Emirates NBD Capital, and Merrill Lynch International as joint global coordinators and bookrunners, and EFG Hermes UAE and First Abu Dhabi Bank as joint bookrunners on the deal.

Rothschild and Co Middle East is mandated as independent financial adviser.

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