Salik Increases Offer Size of IPO to 24.9% of Existing Share Capital

Salik Company PJSC (Salik), today announces that, following approval from the UAE Securities and Commodities Authority the Government of Dubai, represented by the Department of Finance has exercised its right to increase the number of shares offered in Salik’s initial public offering from 1,500,000,000 ordinary shares to 1,867,500,000 ordinary shares.

This would result in an increase in the Offer Size from 20.0% to 24.9% of Salik’s share capital, with the Government of Dubai continuing to own 75.1% of Salik’s existing share capital.

Salik has also received approval from the SCA to allocate the increase of the Offer Size to the respective tranches as follows:

• The First and Third Tranches (in aggregate) will increase from 120,000,000 to 145,725,000 ordinary shares (or c.7.8% of the Offer Size)

• The Second Tranche (for qualified investors) will increase from 1,380,000,000 to 1,721,775,000 ordinary shares (or c.92.2% of the Offer Size).

The new offering size was determined by the Department of Finance, following Salik’s decision to set the offer price at AED 2.00 per ordinary share on 13 September 2022, providing investors with a highly attractive value proposition.

The decision also reflected Salik’s prioritization of supporting aftermarket trading performance post-listing.

The subscription period for the Salik IPO remains unchanged. The UAE Retail Offer will close on September 20th 2022 and the Qualified Investor Offering will close on September 21st 2022.

Salik is expected to commence trading on the Dubai Financial Market on 29th September 2022, under the symbol “SALIK” and ISIN AEE01110S227. The Company’s starting market capitalisation is expected to be AED15 billion ($4.1 billion).

Investors who participated in the UAE Retail Offer will be notified of their allocation of shares via SMS on 26 September 2022.

Read More: Salik IPO on Dubai Financial Market Opens