Dubai’s Parkin Co. Sets IPO Price Range, Aims to Raise Dh1.57 Billion

Dubai-based company Parkin Co. has unveiled its plans for an initial public offering (IPO), setting the price range at Dh2 to Dh2.10 per share. The IPO aims to raise a substantial Dh1.57 billion, marking a significant milestone for the company and the Dubai Financial Market.

Parkin’s IPO, launched on Tuesday, signifies the first major IPO of 2024 in Dubai and has garnered significant attention from investors and industry experts alike. With the subscription period closing on March 12 for retail investors and a day later for institutional investors, anticipation is building for the company’s listing on March 21.

The parking space operator aims to float 24.99 percent of its shares on the Dubai Financial Market, offering 749.7 million shares to investors. Notably, five percent of the shares will be reserved for the Emirates Investment Authority, with an additional five percent allocated to the Pensions and Social Security Fund of Local Military Personnel.

Retail investors will have the opportunity to purchase 10 percent of the stock float, with each investor guaranteed to receive up to 2,000 shares apiece. Emirates NBD Bank has been appointed as the lead receiving bank for the IPO, facilitating the seamless participation of retail investors.

The minimum application size for the retail tranche is set at Dh5,000, with subsequent increments of Dh1,000 apiece, ensuring accessibility and inclusivity for all potential investors. This strategic approach reflects Parkin’s commitment to democratizing investment opportunities and engaging a diverse range of stakeholders.

Parkin’s decision to go public underscores its confidence in its growth prospects and the resilience of Dubai’s economy. As a leading player in the parking industry, Parkin has demonstrated strong performance and strategic vision, positioning itself for sustainable growth and value creation in the years to come.

Parkin’s IPO

With Dubai emerging as a global hub for investment and innovation, Parkin’s IPO serves as a testament to the city’s vibrant business landscape and investor-friendly environment. As the first IPO of 2024, Parkin sets the stage for a dynamic year ahead, offering investors an exciting opportunity to participate in the success story of one of Dubai’s most promising companies.

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