DUBAI, Sept 29 (Reuters) - Dubai toll-road operator Salik rose as much as 20% 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 its system, raised 3.735 billion dirhams ($1.02 billion) by selling a 24.9% 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 before shedding some of its gains to close at 2.22 dirhams, up 11% from its IPO price.

The company is the third state-linked entity to execute a Dubai listing successfully this year in a programme aimed at attracting investor interest in the domestic stock exchange.

Cornerstone investors UAE Strategic Investment Fund, Dubai Holding, Shamal Holding and the Abu Dhabi Pension Fund have committed about 606 million dirhams, Salik said on Sept. 13. ($1 = 3.6727 UAE dirham) (Reporting by Hadeel Al Sayegh Editing by David Goodman)