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Dubai's Parkin to sell 24.99% stake in IPO

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Dubais Parkin to sell 24.99% stake in IPO
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Dubai: Dubai's initiation to bolster its capital markets takes a significant step forward as Parkin, the entity mandated with managing parking operations, announces its initial public offering (IPO). The company, established as a public joint stock firm under recent legislation, is set to offer a 24.99 per cent stake through an IPO on the Dubai Financial Market.

According to the prospectus disclosed by the company on Tuesday, Parkin plans to float 749.7 million shares to the public. Subscriptions for the initial tranche will be open from March 5 to March 12 for retail investors, while institutional investors have until March 13 to participate.

Retail investors will have access to up to 10 per cent of the public offering, with a minimum subscription amount of Dh5,000 ($1,360). Also, 5 per cent of the offering is reserved for the Emirates Investment Authority and another 5 per cent for the Pensions and Social Security Fund of Local Military Personnel.

The Dubai Media Office highlighted that the offering's size could be subject to adjustments by Parkin's shareholder - Dubai Investment Fund - until the subscription period concludes.

The price range for the IPO will be unveiled on March 5, with the final offer price set on March 14, paving the way for Parkin's listing on March 21.

Mohamed Al Ali, Chief Executive of Parkin, emphasized the company's pivotal role in Dubai's transportation ecosystem and its alignment with the city's growth ambitions.

“With its systemic role in Dubai’s transport ecosystem, now and in the future, Parkin will operate at the centre of the city’s exciting and ambitious growth plans”, he said.

Parkin dominates Dubai's paid parking market, managing over 90 per cent of both on and off-street parking spaces. As of last year, it oversaw approximately 175,000 on and off-street parking spaces across 85 locations, along with 18,000 spaces at developer-owned parking lots.

The company's financial performance underlines its robust standing, with revenue for the fiscal year ending December 31 climbing to Dh779.4 million, marking a 13.5 per cent increase annually. The company’s earnings before interest, taxes, depreciation and amortization surged by 23 per cent during the same period, reaching Dh414.4 million.

Parkin's IPO is anticipated to draw significant investor interest, buoyed by Dubai's robust economic rebound post-COVID, its favourable business environment, and investor-friendly policies.

Parkin's IPO marks a significant milestone for the company and represents a crucial step in Dubai's ongoing efforts to diversify its economy and strengthen its capital markets.

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