Dubai: The Dubai Taxi Company had an immediate pick up on its first day of trading, with the stock gaining nearly 18 per cent to Dh2.18. The IPO price was Dh1.85.

That Dubai’s latest DFM listing would have a jump start was a foregone conclusion. All that investors will want to know is how much it will go up by across the first day. Salik, which listed last year, had a 20 per cent uptick opening day.

The traded numbers in the first few minutes were impressive enough – just over 28,000 shares were traded within the first 15 minutes and racking up Dh64 million. Impressive indeed…

“There are retail investors piling into the DTC stock and build on the holdings they got post-subscription,” said a trader. “Each investor got a minimum 2,000 shares each – and there was always going to be a real appetite to add more. That’s what’s happening Day 1 of trading.

“DTC represents a value proposition in the UAE’s transportation space (just as Salik does) and that’s what investors are getting into.”