Dubai's Parkin sets Dh2-Dh2.1 a Share as IPO Price Range in 24.9% Float

Dubai's Parkin, the publicly traded company responsible for overseeing and managing public parking spaces in the emirate, has established an Initial Public Offering price range of Dh2 to Dh2.1 per share for its 24.9 per cent stake.

This marks the UAE's inaugural IPO of the year, with Parkin aiming to generate Dh1.57 billion ($429 million) through the IPO.

The offer spans from March 5 to March 12 for the first tranche and March 13, 2024 for the second tranche.

The Dubai Investment Fund, the selling shareholder, is offering 749,700,000 ordinary shares.

The final share price will be disclosed around March 14, 2024, with listing on Dubai Financial Market (DFM) scheduled for March 21, 2024.

Retail investors in the first tranche are guaranteed a minimum allocation of up to 2,000 shares, subject to Parkin's oversubscription.

The final minimum guaranteed allocation will be determined based on total subscriptions and the final offer price.

Emirates NBD Capital, Goldman Sachs Group Inc. and HSBC Holdings Plc are serving as joint global coordinators for the IPO.

Post-offering, Parkin plans to distribute semi-annual dividends in April and October, with the first payment slated for October 2024, covering the entire first half of the year. Investors in the offering will be eligible for this dividend.

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