Dubai’s largest parking provider, Parkin Company PJSC, has revealed its plan to list on the Dubai Financial Market (DFM), marking a significant move for the company.
In the forthcoming initial public offering (IPO), Parkin aims to sell 24.99 percent of its shares to investors.
The subscription window is scheduled to open on Tuesday, March 5, 2024, with closure set for Tuesday, March 12, 2024, for UAE Retail Investors and Wednesday, March 13, 2024, for Qualified Investors. Post-subscription, the shares will be available for trading on the DFM.
Parkin presently oversees approximately 197,000 paid parking spaces across Dubai, encompassing both public and private lots. A crucial aspect of its operations is a 49-year concession agreement with Dubai’s Roads and Transport Authority (RTA), granting exclusive rights for operating all present and future public parking facilities in the emirate.
Chairman Ahmed Hashem Bahrozyan sees the IPO as a means to align with Dubai’s growth as a global city, expressing confidence in Parkin’s ability to seize future opportunities.
Dubai’s ambitious plans for population and economic growth, targeting a 60 percent population increase and doubling GDP growth by 2033, underpin the potential demand surge for parking services. Parkin CEO Mohamed Al Ali envisions the company at the forefront of Dubai’s growth, offering innovative mobility solutions.
Investors partaking in the IPO can anticipate their initial dividend payment in October 2024, with Parkin committing to distributing a minimum of 100 percent of profits or free cash flow annually.
Emirates NBD Bank PJSC leads the IPO as the Lead Receiving Bank, joined by other notable banks like Abu Dhabi Commercial Bank PJSC, Dubai Islamic Bank, and First Abu Dhabi Bank PJSC, according to Arabian Business.
