Parkin IPO responds to high demand, increases retail share offering
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Dubai: Dubai's Parkin, the leading entity in parking management, has recently made headlines with its initial public offering (IPO), marking a significant milestone in the UAE's financial sector for the year. This move is set to catalyze the growth trajectory of Dubai's capital markets, aligning with the emirate's ambitious economic strategies.
The latest buzz in the financial market is Parkin's adjustment to its IPO strategy, amplifying the share allocation for retail investors from 74.97 million to 89.96 million shares. This adjustment reflects robust confidence from the retail sector and showcases a thriving interest in Parkin's market promise.
This strategic increase following “an exceptional level of oversubscription and demand from retail investors”, as Parkin said, allocates 12% of the total offered shares to retail investors, up from the initial 10%. To balance this surge, adjustments were made to the qualified investor tranche, now reduced to represent 88% of the offering.
The overall size of the public float remains unchanged at 749.7 million shares, representing 24.99 percent of Parkin’s total issued share capital.
The delineated subscription periods have closed, setting the stage for the next phase of Parkin's market journey. The anticipation is building, with market participants keenly awaiting the shares' debut on the trading floor.
Parkin's shares are expected to commence trading on the Dubai Financial Market under the symbol “PARKIN” on March 21.
Parkin aims to raise substantial capital through this IPO, intending to fortify its market position and support Dubai's strategic financial expansion. The set price range per share is poised to reflect a significant market capitalization.
The IPO is a crucial part of Dubai's broader strategy to invigorate its financial market, aspiring to reach a market size of Dh3 trillion. Parkin's listing is in line with this vision, heralding a new phase of economic diversification and market deepening.
Parkin manages the vast majority of Dubai’s paid parking spaces, showcasing its pivotal role in the urban infrastructure and its substantial operational scale. It operated about 175,000 on and off-street parking spaces across 85 locations, and close to 18,000 spaces across seven developer-owned parking lots as of the end of last year.
