Parkin IPO Breaks Records on Dubai Financial Market

Parkin, a leading provider of paid parking facilities and services in Dubai, has achieved unprecedented success with its initial public offering (IPO) on the Dubai Financial Market, setting a new benchmark for oversubscription levels.

Unprecedented Demand:

Parkin announced that its IPO was oversubscribed an extraordinary 165 times, with investors demonstrating overwhelming interest totaling Dh259 billion. This marks the highest oversubscription level ever witnessed on the Dubai Financial Market.

In response to the staggering demand, Parkin made strategic adjustments to accommodate retail investors, increasing the number of ordinary shares available by 12% for this category. The qualified investor tranche was accordingly adjusted, ensuring a balanced distribution of offer shares.

Pricing and Market Capitalization:

Parkin set the price for its shares at Dh2.10 for the IPO, which resulted in a market capitalization of Dh6.30 billion upon listing. 

The company successfully raised Dh1.6 billion through the share sale, signaling robust investor confidence in its growth prospects.

Milestone Achievement:

Parkin’s IPO marks a significant milestone as the first company to launch an IPO in the UAE in 2024. With approximately 197,000 paid parking spaces strategically located across the emirate, Parkin is poised to consolidate its position as Dubai’s largest provider of paid parking facilities and services.

CEO’s Vision:

Mohamed Al Ali, CEO of Parkin, expressed gratitude for the overwhelming response from investors, emphasizing the IPO’s role in supporting Dubai’s privatization program and contributing to the expansion of the Dubai Financial Market. 

Al Ali highlighted the IPO’s significance in enabling Parkin to further enhance its mobility solutions and sustainable offerings across the emirate.

Commencement of Trading:

Anticipated to commence trading on the Dubai bourse on March 21, Parkin’s IPO signifies a meaningful step forward in the company’s journey towards realizing its vision of delivering seamless and innovative mobility solutions in Dubai.