Dubai’s Roads & Transport Authority has invited banks to pitch for roles on the planned initial public offerings of its taxis and parking businesses, according to people familiar with the matter.
(Bloomberg) — Dubai’s Roads & Transport Authority has invited banks to pitch for roles on the planned initial public offerings of its taxis and parking businesses, according to people familiar with the matter.
The transport regulator is targeting a listing of its taxis business as soon as this year, while an offering of its parking division may follow that, the people said, asking not to be identified as the information is private.
Rothschild & Co. is advising the RTA on both of the potential deals, the people said. Discussions are still ongoing and details of the transactions could change, the people said. A representative for the RTA didn’t immediately respond to a request for comment. A representative for Rothschild declined to comment.
The transport authority is exploring options to monetize more of its assets after Dubai’s government, its owner, raised $1 billion from an IPO of the city’s road-toll operator Salik Co. in 2022. The deal was by far the most successful IPO by Dubai last year, drawing $50 billion in orders. The shares have jumped almost 60% from their offer price.
Salik’s listing was part of Dubai’s drive to raise trading volumes in the city’s stock market by selling stakes in 10 state-owned companies. The emirate listed four assets last year and raised about $8 billion, data compiled by Bloomberg show. If the RTA’s offerings go ahead, they will be the first this year.
Reuters reported earlier this month that Rothschild was reviewing the RTA’s assets.
(Updates with Rothschild decline to comment in third paragraph.)
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