DUBAI: Dubai government-owned road-toll operator Salik, which priced its initial public offering at 2 dirhams ($0.54) saw all its offered shares bought over by investors within hours of its opening on Tuesday. The Dubai-based firm has offered 1.5 billion shares, or 20 percent stake, on the Dubai Financial Market as it looks to raise $817 million. Individuals and eligible Salik employees can subscribe from Sept. 13 through Sept. 20, and professionals and institutional investors can subscribe until Sept. 21, it said in a statement. A market capitalization of 15 billion dirhams is implied by the offer price of 2.0 dirhams per share, according to a statement. It was earlier anticipated that Salik would announce a per-share offer price on Sept. 22, a week before the shares are expected to be traded on the DFM. However, the company said on Tuesday that instead of releasing a price range, the final offer price would be announced on Sept. 13 at the start of the subscription period. Following a record-breaking first half for Gulf IPO proceeds, Salik’s IPO will challenge investors’ demand for the UAE equity markets. The selling shareholder retains the right to increase the number of shares at its sole discretion before the end of the subscription period, subject to applicable laws and the UAE Securities and Commodities Authority’s approval, the statement added. The shares to be offered will represent the sale of existing government shares. Investing and becoming a Salik shareholder will result in dividend payouts. All profits will be allocated to shareholder payouts by the company, which pays dividends in April and October each year. It said shareholders wishing to subscribe to, or purchase Salik shares, must submit one subscription application through their bank or brokerage. Investors can subscribe through Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, Mashreq Bank, MBank, and Sharjah Islamic Bank. Global coordinators to Salik are Emirates NBD Capital, Goldman Sachs, and Merrill Lynch, and the joint book runners on the offering are Citigroup Global Markets Ltd., EFG Hermes UAE Ltd., and HSBC Bank Middle East Ltd. Moelis & Co. is acting as an independent financial adviser.