HomeWorldMiddle EastParkin's IPO Oversubscribed, Set to Raise $428 Million in Dubai Financial Market...

Parkin’s IPO Oversubscribed, Set to Raise $428 Million in Dubai Financial Market Debut

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Dubai’s leading provider of paid parking facilities, Parkin, is poised to make a substantial market debut with its initial public offering (IPO) on the Dubai Financial Market.

The company has announced an impressive target of raising AED1.57 billion ($428 million), drawing enthusiastic responses from investors since the opening of the books.

The offering, announced with a price range set between AED2 and AED2.10 per share, implies a market capitalization ranging from AED6 billion to AED6.3 billion at listing.

Parkin’s largest shareholder, the Dubai Investment Fund, plans to offload 24.99% of the total issued share capital, amounting to 749.7 million ordinary shares.

However, the size of the IPO remains subject to adjustment by the Fund until the subscription period concludes, pending regulatory approval.

Despite the company’s not receiving proceeds from the offering, excitement among investors remains palpable.

The subscription period for retail investors commenced on March 5 and extends until March 12, while institutional investors have until March 13 to participate. The final offer price is anticipated to be unveiled on March 14.

Parkin’s CEO, Mohamed Al Ali, expressed delight at the overwhelming response to the IPO, noting that shares were snapped up as soon as the books opened.

With its extensive track record spanning nearly three decades, Parkin holds exclusive rights to operate all paid public on-street parking, off-street parking, and multi-storey car parks in Dubai, managing a staggering 197,000 paid parking spaces strategically located across the city.

Al Ali emphasized the company’s commitment to providing best-in-class parking management solutions, aligning with Dubai’s economic, urbanization, and social goals.

He highlighted Parkin’s integral role in facilitating mobility and supporting the city’s expansion plans.

As Dubai continues to burgeon, Parkin anticipates a parallel growth trajectory, leveraging the IPO to drive innovation, enhance financial performance, and capitalize on its growth platform to diversify and scale up operations.

The CEO’s optimism is buoyed by the strong interest from investors, underscoring Parkin’s compelling equity story.

The company remains steadfast in its dedication to delivering value to stakeholders and shaping the future of the parking industry for years to come.

The success of Parkin’s IPO reflects investor confidence in Dubai’s burgeoning market and underscores the city’s resilience and attractiveness to global investors.

As the subscription period progresses and the final offer price is disclosed, all eyes remain on Parkin’s promising journey as it prepares to make its mark on the Dubai Financial Market.

 

This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members

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