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Parkin’s IPO Shatters Records on Dubai Financial Market, Raises Dh1.6 Billion

Parkin Shares Soar Over 30% on Debut Trading Day on Dubai Financial Markets

In a groundbreaking development on the Dubai Financial Market, Dubai-based company Parkin has set a new standard for initial public offerings (IPOs). With an oversubscription rate of 165 times, the IPO garnered an astounding demand of Dh259 billion from investors, marking a significant milestone in the region’s financial landscape.

The announcement comes after Parkin increased the number of shares available to retail investors, demonstrating the overwhelming interest in the company’s offering. Parkin adjusted its ordinary shares by 12 percent to 89,964,000, while the qualified investor tranche was set at 659,736,000 shares, representing 88 percent of the total offer shares.

Pricing its shares at Dh2.10, Parkin achieved a market capitalization of Dh6.30 billion upon listing, raising a total of Dh1.6 billion through the share sale. The company’s IPO signifies a pivotal moment in Dubai’s financial sector, positioning Parkin as the largest provider of paid parking facilities and services in the emirate.

With approximately 197,000 paid parking spaces strategically located across Dubai, Parkin has established itself as a key player in the region’s mobility solutions industry. The company’s IPO marks the first of its kind in the UAE for 2024, highlighting investor confidence in the country’s market opportunities.

The qualified investor tranche saw an overwhelming demand of over Dh230 billion, indicating an oversubscription rate of 166 times. Meanwhile, the retail offering received a remarkable demand of Dh29 billion, with nearly 63,000 applications—a record-breaking achievement for a DFM IPO.

Mohamed Al Ali, CEO of Parkin, expressed pride in the IPO’s success and its role in supporting Dubai’s privatization program and the expansion of the Dubai Financial Market. Al Ali emphasized the company’s commitment to providing seamless, sustainable, and innovative mobility solutions across Dubai.

Parkin’s IPO is scheduled to commence trading on the Dubai bourse on March 21, marking another significant milestone in the company’s journey. As Parkin continues to lead the way in the provision of paid parking facilities and services, its IPO success underscores the strength and resilience of Dubai’s financial market.

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