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Dubai's Parkin Shares Jump more than 30% in UAE’s First IPO of the Year

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Staff Writer, TLR

Published on March 21, 2024, 19:13:34

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uae, parkin, parking, ipo

 

Shares in Parkin, which oversees public parking operations, jumped more than 30 per cent in their debut on Dubai bourse on Thursday after the company raised $429 million from investors in the emirate's first privatisation deal this year.

Shares rose as much as 31.4 per cent to Dh2.76 ($0.7516) apiece after the market opened compared to the initial public offering (IPO) price of Dh2.1.

Parkin's IPO was oversubscribed 165 times, attracting $71 billion in demand, a record-breaking debut for Dubai.

Gulf governments are racing to list state companies in a bid to deepen capital markets, part of a wider push to cut their reliance on oil.

Companies in Dubai have raised Dh34.5 billion in the last three years through the sale of shares on the Dubai stock exchange, according to the Dubai Securities and Exchange Higher Committee.

Parkin is the latest of six privatisations embarked upon by the government, first announced in 2021 as part of a programme to list 10 government-linked companies to attract investment to its domestic bourse.

Dubai Taxi Company's IPO late last year raised $316 million through the sale of a 25 per cent stake, which was oversubscribed 130 times.

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