Parkin Company saw a 35.24 percent increase in share price on its first day of trading on the Dubai Financial Market (DFM) today. The shares were listed at AED2.10 apiece this morning. However, Parkin’s price soared to AED2.84 at closing, raising the company’s market capitalization to AED8.52 billion. Parkin stands out with its technologically advanced parking facilities across Dubai. It also ensures superior customer experience and contributes to the city’s mobility infrastructure.
Parkin Company’s offering attracted significant international and regional investor attention. Its aggregate demand of AED259 billion ($71 billion), reflects an impressive oversubscription multiple of 165 times. This robust response to the offering underscores investor confidence in Parkin Company’s growth strategy and strong investment proposition.
Trading under the symbol “PARKIN”, Parkin Company concluded its successful initial public offering (IPO) on the DFM. The offering raised AED1,574.37 million. Moreover, it resulted in a market capitalization of AED6.30 billion upon admission at a share price of AED2.10.
Record-breaking listing
Commenting on the achievement, Ahmed Hashem Bahrozyan, chairman of Parkin, stated that the company plays a systemic role in Dubai’s transport ecosystem. Moreover, its record-breaking listing on the DFM reflects great confidence in Dubai’s long-term growth and success. “With a near 30-year track record in parking management, Parkin provides critical infrastructure that enables mobility to support the city’s expansion plans,” he added.
“Parkin will continue to enhance and expand its vision of providing seamless, sustainable and innovative mobility solutions. Moreover, it aims to support the ambitions of our wise leadership to make Dubai the best city to live in worldwide,” he added.
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Commenting on the offering, Mohamed Al Ali, CEO of Parkin, stated: “Our record listing is a testament to Parkin’s compelling equity story, operating at the center of Dubai’s ambitious economic growth and population expansion plans.”
Hamed Ali, CEO of the DFM and Nasdaq Dubai, stated that Parkin’s IPO reinforces DFM’s position as the region’s leading exchange. DFM offers diverse opportunities for investors and enables companies to contribute to Dubai’s economic growth. “With the increasing confidence among both investors and new issuers in Dubai’s capital markets, we look forward to seeing a robust pipeline of successful IPOs in 2024,” he added.
