The IPO saw Salik offer 1.9 billion ordinary shares, representing 24.9% of its share capital, at a price of AED 2 per share, implying total gross proceeds of over AED 3.7bn ($1bn) and a market capitalization of AED 15bn ($4.1bn). EFG Hermes acted as joint bookrunner on the transaction as part of the banking syndicate advising the issuer and the selling shareholder. Salik will commence trading today under the ticker Salik. Following the transaction, Salik will remain a state-owned company, with the Government of Dubai owning 75.1% of the company’s share capital.