Dubai’s Parkin sets IPO price range of up to 2.1 dirhams per share

Dubai’s Parkin sets IPO price range of up to 2.1 dirhams per share

Dubai's Parkin, which oversees public parking operations in the emirate, has set the price for its planned initial public offering (IPO) at 2 to 2.1 dirhams ($0.57) per share, it said on Tuesday.
The company will offer an around 25% stake, in the emirate's first privatisation deal this year, giving it an overall valuation of up to 6.3 billion dirhams ($1.72 billion).
The offering will run until March 13 and Parkin's debut on the local bourse is expected on March 21, the firm said in a statement.
Parkin operated about 179,000 paid public parking spaces across Dubai as of the end of last year, of which 4,000 or so were at multi-storey car parks. It also manages an additional 18,000 spaces at developer-owned facilities, it said.
Parkin, which expects to make its bourse debut this month, posted revenue of 779 million dirhams in 2023, up 14% from a year earlier, while its core profit rose 23% to 414 million dirhams. ($1 = 3.6724 UAE dirham)

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Dubai's Parkin sets IPO price range of up to 2.1 dirhams per share