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Parkin raises $428m as IPO oversubscribed 165 times

Parkin controls more than 90 percent of Dubai's paid parking provision Unsplash/Boitumelo
The IPO, the first privatisation deal of 2024, gives Parkin an overall valuation of AED6.3 billion

Parkin, the Dubai government’s parking management company, has raised AED1.6 billion ($427.5 million) after pricing its initial public offering (IPO) at the upper end of its range at AED2.1 per share.

The offering was oversubscribed 165 times as the order book hit AED259 billion at the final offer price, the UAE state-run Wam news agency reported.

This is the highest-ever oversubscription level achieved on the Dubai Financial Market (DFM), the company claimed.

The IPO, the first privatisation deal of 2024, gives Parkin an overall valuation of AED6.3 billion.

Demand from the qualified investor tranche reached more than AED230 billion, leading to an oversubscription of 166 times. The retail offering’s order book hit AED29 billion, with an oversubscription of 153 times and 63,000 applications received, a record for a DFM offering.

The company is offering a 25 percent stake, consisting of 750 million shares. 

Parkin plans to channel the proceeds from its IPO into technological upgrades, including expansion of its electric vehicle services.

The company has already rolled out technology, such as 100 percent solar-powered charging meters, paperless tickets and fines, moving to a hybrid vehicle fleet, and expanding its smart parking inspection capabilities, as part of its plans to have net-zero operations by 2050.

The shares are expected to start trading on the DFM on March 21.

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