Dubai Financial Market (DFM) announced a significant addition to its indices as Parkin Company joins the DFM General Index, the Industrials Sector Index, and the DFM Sharia Index effective April 22, 2024. This announcement follows the extraordinary success of Parkin’s initial public offering (IPO) which marked a milestone in Dubai’s capital markets.
In March, Parkin’s IPO captured the attention of investors globally and regionally, witnessing unprecedented demand. The exclusive public parking operator, with a distinguished three-decade track record in Dubai, garnered a total gross demand of approximately AED259 billion ($71 billion) at the final offer price. Moreover, it received a remarkable 63,000 applications, setting a new record for a DFM IPO.
On its first day of trading, Parkin witnessed a remarkable 35.24 percent increase in share price, signaling strong market sentiment and investor enthusiasm. This stellar debut reinforced the company’s position as a noteworthy player in Dubai’s capital markets landscape.
Parkin stands out not only for its financial performance but also for its commitment to technological advancement and customer experience. With state-of-the-art parking facilities across Dubai, Parkin ensures superior service delivery while contributing to the city’s mobility infrastructure.
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Parkin’s listing marked the first IPO of 2024 on the DFM and aligns with Dubai’s robust capital markets development strategy. This 2021 strategy aims to float government, state-related, and private sector entities, fostering growth and diversification within Dubai’s economy.
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