Dubai road-toll operator Salik’s shares rise 20 pct on market debut

Dubai road-toll operator Salik rose 20 percent above its listing price on its market debut on Thursday in a sign that investors still have appetite for local flotations despite skittish global markets.

The company, which has 3.6 million vehicles registered on the toll system, raised 3.735 billion dirhams ($1.02 billion) by selling a 24.9 percent stake in its initial public offering (IPO), giving the company a market value of 15 billion dirhams.

Salik was priced at 2 dirhams per share but rose to a high of 2.40 dirhams at the market open on Thursday.