Liquidity in local stock markets was 1.46 billion dirhams

By the close of trading on Tuesday, local bourses had attracted liquidity of around 1.46 billion dirhams following the launch of Dubai Taxi Company’s public offering. The liquidity was distributed after 982.93 million dirhams were traded on the Abu Dhabi Securities Market and 480.19 million dirhams on the Dubai Financial Market, with 299.91 million shares traded in over 19.42 thousand transactions.
The Abu Dhabi Securities Market index fell 0.35% to 9,541.76 points, while shares of Healy Holding fell 9.3% to 2.81 dirhams. Palms Sports shares fell 2.5% to 12.4 dirhams.
Baldco shares fell 2.6% to 0.270 dirhams, with transactions close to 19.6 thousand dirhams.
Abu Dhabi Commercial shares fell 2.9% to 8.35 dirhams, with trading volume exceeding 52.4 million dirhams. Shares of Global Holding were the most traded stocks during today’s session at AED 399.6 with transactions exceeding AED 213.34 million.
The Dubai Financial Market Index fell 0.43% to 3985.04 points, while the most traded stock Emaar Properties shed 0.7% to 7.07 dirhams with 173.56 million dirhams worth of trade.
Emirates NBD shares fell 0.5% to 17.95 dirhams, trading 61.7 million dirhams. Emaar Development shares rose 0.44% to 6.82 dirhams, trading at 73.46 million dirhams, and Gulf Navigation shares fell 0.14% to 7.04 dirhams, trading at 42.06 million dirhams.
It is to be noted that the first subscription period for Dubai Taxi Company started today on Dubai Financial Market and will continue till November 28, 2023 for individual investors and November 29, 2023 for qualified investors.
This morning, the company announced the price range for the IPO shares and the start of the subscription period for the initial public offering on the Dubai Financial Market.
The price range for the offering shares was set between 1.80 dirhams and 1.85 dirhams per share, meaning the listed company’s market value would be between 4.5 billion dirhams and 4.6 billion dirhams (equivalent to approximately 1.2 billion US dollars). Press reports confirmed the coverage of the IPO within an hour of its launch.
The company offered 624.75 million shares for public subscription, which is 24.99% of the total issued shares in the capital of Dubai Taxi Company ) The final offer price will be determined through a book-building process and will be announced on November 30, 2023.