Dubai, UAE — Dubai parking services provider, Parkin Company, has set AED2.10 per share as the final offer price for its Initial Public Offering (IPO).
The offering saw a record $71 billion demand, implying an oversubscription of 165 times for all tranches combined, the highest ever on the DFM.
The offer price of AED2.10 per share will result in approximately AED1.574 billion ($428.69 million) of gross proceeds for Dubai Investment Fund (selling shareholder), which had announced 749 million shares, or 24.99% of Parkin’s total issued share capital, for the IPO.
Parkin is expected to commence trading on the DFM on 21st March 2024. At listing, the company will have a market capitalization of AED 6.30 billion ($1.72 billion).
Mohamed Al Ali, CEO of Parkin, said, “Today represents a milestone moment for our business as we secured record-breaking investor demand for Parkin shares with overall subscriptions covered 165 times. This resounding confidence in our attractive equity story is a testament to our best-in-class business model, strong financial performance, and the clear growth opportunities we see for Parkin.”
Parkin will be the largest provider of paid parking facilities and services in Dubai and is the first company to launch an IPO in 2024 in the Emirates. It currently operates approximately 197,000 paid parking spaces at strategic locations across Dubai.