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Dubai Taxi Company’s market debut surges beyond expectations

Dubai Taxi Company Sees 54% Rise in 2023 Net Profit, Plans Dh71m Dividend Payout

Dubai Taxi Company stock surged after the Dubai Financial Market debut.

A Flourishing Start at Dubai Financial Market

Dubai Taxi Company marked a remarkable debut at the Dubai Financial Market, with shares soaring nearly 19% above their initial listing price of Dh1.85 per share on Thursday.

Rapid Trading Flurry

The company’s entry into the market witnessed an impressive trading surge, propelling shares to AED2.2 upon opening, later stabilizing at AED2.14 within the initial half-hour.

Overwhelming Investor Demand

Dubbed an extraordinary success, the offering witnessed substantial interest from both international and regional institutional investors, alongside retail investors within the UAE. The total demand surpassed AED150 billion ($41 billion), reflecting an astounding oversubscription level of 130 times collectively.

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