Parkin PJSC, the primary provider of paid parking services in Dubai, has officially disclosed details about its Initial Public Offering (IPO) on the Dubai Financial Market (DFM).
The IPO sets a share price range of AED2.00 to AED2.10, suggesting a market capitalisation between AED 6.00B to AED 6.30B. The Dubai Investment Fund, acting as the Selling Shareholder, plans to sell 24.99 percent of the total issued share capital through the offering of 749,700,000 ordinary shares.
Eng. Mohamed Al Ali, CEO of Parkin, emphasized the company’s nearly three-decade track record in delivering exceptional parking management solutions aligned with Dubai’s economic and social objectives. The IPO aims to accelerate success, foster innovation, and support growth in line with the city’s expansion plans.
The subscription period for the UAE Retail Offering is from March 5, 2024, to March 12, 2024, while the Qualified Investor Offering subscription period spans March 5, 2024, to March 13, 2024. Key financial institutions, including Rothschild & Co Middle East Limited, Emirates NBD Capital PSC, Goldman Sachs International, and HSBC Bank Middle East Limited, are managing various aspects of the IPO.
Parkin has provided detailed documentation, including the UAE Prospectus and an English-language International Offering Memorandum, accessible on their website. Investors are advised to conduct due diligence, and the Offering has received Shariah compliance confirmation from Emirates NBD Bank PJSC, according to Arabian Business.
