The Emirati company, Parkin, announced that it has set the price range for the offering between AED 2 and AED 2.1 per share, which means that the market value upon listing the shares will range between AED 6 billion and AED 6.30 billion.
The company will offer a total of 749.7 million ordinary shares, representing 24.99% of the total issued shares in the company’s capital, in an initial public offering on the Dubai Financial Market.
The subscription period starts on March 5 and continues until March 12, 2024 for individual investors, and until March 13, 2024 for qualified investors.
CEO of Emirates Parkin: We may propose amending parking fees and increasing the tariff to the premium level in 2026
Parkin CEO Mohammed Abdullah Al Ali had previously said in an interview that offering a share of the company for subscription comes within the framework of privatizing government services in Dubai, noting that the proceeds of the offering will go to the Dubai Investment Fund.
He explained that Parkin has growth opportunities in the coming period due to the expected 60% increase in Dubai’s population by 2040, adding that there are 600,000 registered and unregistered parking spaces in Dubai and the company will increase the number of parking spaces operated annually in agreement with the Dubai Roads and Transport Authority.
