Parkin Company PJSC, the public joint stock company that manages public parking spaces in Dubai, has increased the number of shares allocated to retail investors in its initial public offering (IPO) following “exceptional oversubscription”.
As a result, the UAE Retail Offer will amount to 89.96 million ordinary shares, 12% of the total offered shares, an increase compared to the 74.97 million ordinary shares initially allocated to retail investors, the company said.
Parkin has set a price range of Dh2 to Dh2.1 per share, meaning it could raise as much as Dh188.92 million from retail investors.
The total offering size remains unchanged at 749.7 million ordinary shares representing 24.99% of the company’s total issued share capital. To achieve this, the Qualified Investor Tranche will be allocated 659.736 million shares, instead of 674.73 million.
Parkin was established in January by the Dubai government to oversee parking operations across the city, with financial, administrative, and legal autonomy. The company accounts for more than 90% of Dubai’s on- and off-street paid parking spaces, accounting for 175,000 parking spaces across 85 locations in the city, an estimated 4,000 or so spaces at nine multi-storey car parks and about 18,000 spaces at seven developer-owned facilities.
The company is the third entity to float and list on DFM from the RTA universe, after Salik and the more recent one from Dubai Taxi Co.
Parkin is expected to commence trading on March 21st, 2024, under the symbol “PARKIN”. The change in the offer will have to be approved by the Securities and Exchange Authority (SCA).
