Sameer Lakhani GCP – Dubai’s Parkin IPO to open March 5 by offering 24.99% in UAE’s first stock market float of 2024
Dubai: The UAE’s first IPO of 2024 will be from Parkin, the Dubai headquartered parking space operator, which is floating 24.99 per cent. Subscriptions open March 5 and goes on until March 12, with the offer price range to be announced on March 5, according to ad prospectus issued by the company.
Ever since Dubai confirmed the incorporation of Parkin, the anticipation was building up among retail investors for the IPO. This is also the third entity to float and list on DFM from the RTA universe, after Salik and the more recent one from Dubai Taxi Co.
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Retail investors will get a chance to pick up 10 per cent of the stock float, and guaranteed to receive a minimum of 2,000 shares apiece.
The minimum application size for the retail tranche is Dh5,000 and thereafter in increments of Dh1,000 apiece.
Parkin accounts for more than 90 per cent of Dubai’s on- and off-street paid parking spaces, and with the ‘exclusive right’ to operate all public on-street parking and off-street parking. Last year, it had revenues of Dh779.4 million.
Source: https://www.globalcappartners.....com/sameer-lakhani-g
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