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Marking a historic milestone in Dubai's financial landscape, Parkin has emerged as the leading provider of paid parking services in the emirate following its highly successful initial public offering (IPO).
The company revealed on Thursday that its IPO achieved an unprecedented level of oversubscription on the Dubai Financial Market, with investor demand reaching an astonishing Dh259 billion, oversubscribing the offering by a staggering 165 times.
In response to overwhelming demand, Parkin made adjustments to accommodate retail investors, increasing the number of ordinary shares by 12 per cent in the retail category. Consequently, the company reduced the tranche for qualified investors, now representing 88 per cent of the offered shares. Parkin set the share price at Dh2.10, translating to a market capitalisation of Dh6.30 billion upon listing.
The IPO generated Dh1.6 billion in funds through the sale of shares, positioning Parkin as the foremost provider of paid parking services in Dubai.
Notably, Parkin's IPO is the inaugural offering of 2024 in the UAE, underlining its significance in the market. With approximately 197,000 paid parking spaces strategically located across the emirate, Parkin stands poised for substantial growth.
The qualified investor tranche attracted over Dh230 billion in demand, marking an oversubscription of 166 times, while the retail offering garnered Dh29 billion in demand, oversubscribed by 153 times, with nearly 63,000 applications—a record-breaking achievement for a DFM IPO.
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