Dubai-based Parkin, which operates parking spaces in the emirate, is set to go public.
The Dubai government-owned company intends to float 24.99 percent stake in the company on the Dubai Financial Market (DFM).
The offering will begin on March 5 and end on March 12. The price range, too, will be announced on March 12.
First Dubai IPO this year
Parkin will be the first company to launch an initial public offering (IPO) on the Dubai bourse this year.
According to the prospectus, retail investors can pick up 10 percent of the stock float and are guaranteed to receive a minimum of 2,000 shares apiece.
“The minimum application size for the retail tranche is Dh5,000 and thereafter in increments of Dh1,000 apiece,” according to the prospectus.
Emirates NBD is the lead receiving bank of the IPO.
Parkin incorporated in January
Parkin was incorporated as a public joint stock company in January. Under the law, Dubai’s ownership of the company will not fall below 60 per cent when its shares are sold to the public.
It operates 175,000 parking spaces across 85 locations in the city, another 4,000 or so spaces at nine MSCPs (multi-storey car parks), and about 18,000 spaces at seven developer-owned facilities.
The company reported Dh779.4 million in revenues and Dh414.4 million net profit in 2023.
The listing of Parkin follows the successful IPOs of Dubai Taxi Company and Salik.
Dubai Taxi attracted $330 million in November. It was oversubscribed 130 times.
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