Dubai-based paid parking facilities and services provider Parkin witnessed unprecedented interest in its initial public offering (IPO), as announced in a statement on Thursday. The total gross demand for the IPO reached an impressive Dh259 billion ($71 billion) at the final offer price, marking a remarkable oversubscription level of 165 times for all tranches combined, setting a new record on the Dubai Financial Market (DFM).
The qualified investor tranche experienced remarkable global demand, surpassing Dh230 billion ($63 billion), indicating an oversubscription level of 166 times at the final offer price. Additionally, the retail offering garnered significant attention from local investors, with demand reaching Dh29 billion ($8 billion), reflecting oversubscription levels of 153 times. Notably, the IPO received almost 63,000 applications, a record-breaking figure for a DFM IPO.
Parkin Company has established the final offer price for its IPO at Dh2.10 per share.
“This resounding confidence in our attractive equity story is testament to our best-in-class business model, strong financial performance, and the clear growth opportunities we see for Parkin,” said Eng. Mohamed Al Ali, CEO of Parkin. “As a critical infrastructure to Dubai, we operate at the centre of the city’s exciting and ambitious growth plans.”
“The IPO will enable us to build on and accelerate our success in providing seamless, sustainable, and innovative mobility solutions across the Emirate,” he added.
Parkin is expected to commence trading on the DFM on March 21, 2024. At listing, the company will have a market capitalisation of Dh6.30 billion ($1.72 billion).
