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Dubai’s Parkin, which operates public parking spaces in the emirate, has set the final price for its IPO at the top of the range at 2.10 UAE dirhams ($0.57) per share, raising AED1.6 billion ($429 million) for the selling shareholder Dubai Investment Fund.
This will result in a market capitalisation at listing of AED6.30 billion ($1.72 billion), the company said in a statement on Thursday.
According to the Parkin, the IPO saw 165 times oversubscription, the highest achieved on the Dubai Financial Market (DFM), with gross demand for shares from local, regional, and international investors reaching AED259 billion ($71 billion).
Mohamed Al Ali, CEO of Parkin, said: “Today represents a milestone moment for our business as we secured record-breaking investor demand for Parkin shares with overall subscriptions covered 165 times. This resounding confidence in our attractive equity story is testament to our best-in-class business model, strong financial performance, and the clear growth opportunities we see for Parkin.”
The company is offering offer a 25% stake, in the emirate’s first privatisation deal this year.
Parkin is expected to commence trading on the DFM on 21 March 2024 under the symbol “PARKIN”.
(Reporting by Brinda Darasha; editing by Bindu Rai)
