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Middle EastFebruary 28 2023

Salik’s road to IPO success

In its first foray into the market, the sole operator of Dubai’s automated road toll collection system saw its retail tranche 190 times oversubscribed. Shanny Basar reports.
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Salik’s road to IPO successIbrahim Sultan Al Haddad, CEO, Salik

Salik is Arabic for ‘open’, and is an appropriate name for the sole operator of Dubai’s automated road toll collection system, which allows vehicles to travel freely without having to stop and make manual payments at a toll booth, barrier or physical gate. On September 29, 2022, Salik Company PJSC went public on the Dubai Financial Market (DFM), raising Dh3.7bn ($1bn) as part of the country’s privatisation programme.

The toll road operator was launched in 2007 but had previously been part of the Roads and Transport Authority (RTA). Preparations for the initial public offering (IPO) began in October 2021 and part of the process involved carving out Salik as a standalone business with the passing of legislation to establish a public joint stock company.

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