Parking Meter Bonanza

Parking Meter Bonanza

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  • Parkin, a key player in Dubai's parking operations, is set to offer a 24.99% stake in its initial public offering (IPO), marking another step in Dubai's efforts to bolster its capital markets. Established as a public joint stock company under a new law, Parkin will issue 749.7 million shares on the Dubai Financial Market, with subscriptions open from March 5 to March 12 for retail investors and until March 13 for institutional investors. With up to 10% of the IPO allocated to retail investors and a qualified investor offering including reserved portions for key entities like the Emirates Investment Authority and the Pensions and Social Security Fund of Local Military Personnel, Parkin aims to engage a broad investor base.
  • Parkin, Dubai's leading provider of paid parking services, recorded robust financial performance, with revenue climbing 13.5% annually to Dh779.4 million and earnings before interest, taxes, depreciation, and amortization (EBITDA) rising by 23% to Dh414.4 million for the financial year ending December 31. The company plans to announce the price range of the IPO on March 5, with the final offer price set on March 14 and listing scheduled for March 21.

Why it matters

The IPO aligns with Dubai's broader strategy to list state-owned enterprises, fostering market growth and attracting private sector companies across various sectors to list on local exchanges.

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