Dubai parking operator IPO will fund EV expansion plans
- Date: 27-Feb-2024
- Source: AGBI
- Sector:Financial Markets
- Country:UAE
Dubai parking operator IPO will fund EV expansion plans
Parkin, the Dubai government’s parking management company, plans to channel proceeds from its initial public offering into technological upgrades, including expansion of its electric vehicle services. The company will release nearly 25 percent of its shares on the Dubai Financial Market next month. The offering begins on March 5, with a price range to be […]
Parkin IPO opens in March
25% of shares available
To fund tech upgrades
Parkin, the Dubai government’s parking management company, plans to channel proceeds from its initial public offering into technological upgrades, including expansion of its electric vehicle services.
The company will release nearly 25 percent of its shares on the Dubai Financial Market next month.
The offering begins on March 5, with a price range to be announced on the same day, and the subscription period ends on March 12.
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Parkin has already rolled out technology, such as 100 percent solar-powered charging meters, paperless tickets and fines, transitioning to a hybrid vehicle fleet, and expanding smart parking inspection capabilities, as part of its plans to have net-zero operations by 2050.
“Customer experience is all about the underlying technology and what