Today, Wednesday, the initial public offering of shares in Parkin, the largest provider of paid parking facilities and services in Dubai, ends with the end of the subscription period for the professional investor segment.
The subscription to the company’s shares began on March 5, by offering 24.99 percent of the company’s capital, representing 749.7 million shares.
These shares were distributed into two tranches, one for individuals, to which 10 percent of the offered shares were initially allocated, and which was raised yesterday to 12 percent, at the expense of the share of the professional investors tranche, to which 90 percent of the offered shares were initially allocated, and which was reduced to 88 percent.
The price range for the offering shares was set between AED 2 and AED 2.10 per share, meaning the company’s market value upon listing will range between AED 6 billion ($1.63 billion) and AED 6.3 billion ($1.72 billion).
The company expects its shares to start trading on the Dubai Financial Market on March 21, 2024 under the symbol Barken and the international identification number AEE01370P249.
Dubai Investment Fund expects to sell 749.7 million ordinary shares, representing 24.9 percent of the company’s total issued capital, with the fund reserving the right to amend the size of the offering at any time before the end of the subscription period.
The offering size will be approximately AED 1.49 billion to AED 1.57 billion. The final offer price is expected to be announced on March 14, 2024.
It is noteworthy that Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, issued last January Law No. (30) of 2023 establishing Parkin Company.
