Parkin's Historic IPO Oversubscribed 165 Times, Raises Dh1.6 Billion

Parkin IPO oversubscribed

 In a groundbreaking achievement, Parkin's initial public offering (IPO) on the Dubai Financial Market has garnered unparalleled demand, marking a new milestone in the region's financial market. The IPO witnessed an extraordinary oversubscription of 165 times, with investors showing unprecedented interest, totaling Dh259 billion in demand.

This extraordinary response led Parkin to increase the number of shares allocated for retail investors, a move aimed at accommodating the overwhelming demand. The company raised Dh1.6 billion through the IPO, setting a new standard for IPO success in the UAE market.

At Dh2.10 per share, Parkin's IPO valuation at listing stands at an impressive Dh6.30 billion, positioning the company as a significant player in the UAE's financial landscape. With this IPO, Parkin emerges as the largest provider of paid parking facilities and services in Dubai, a testament to its commitment to enhancing mobility solutions across the emirate.

Currently managing approximately 197,000 paid parking spaces strategically located throughout Dubai, Parkin's IPO signifies a major milestone in the region's privatization program and the expansion of the Dubai Financial Market. The company's CEO, Mohamed Al Ali, expressed pride in supporting Dubai's vision for sustainable mobility solutions and emphasized the IPO's role in accelerating Parkin's growth trajectory.

The overwhelming response to Parkin's IPO underscores investor confidence in the company's future prospects and its pivotal role in shaping Dubai's urban infrastructure. The qualified investor tranche attracted over Dh230 billion, reflecting an oversubscription of 166 times, while the retail offering saw demand of Dh29 billion, an oversubscription of 153 times, with nearly 63,000 applications—a record-breaking feat for a DFM IPO.

With its successful IPO, Parkin is poised to embark on a new chapter of growth and innovation, further solidifying its position as a leader in the UAE's mobility sector. The company is set to commence trading on the Dubai bourse on March 21, heralding a new era of opportunity and expansion in Dubai's financial market.