Dubai’s Parkin to float 24.99% in UAE’s first 2024 IPO

Dubai’s Parkin to float 24.99% in UAE’s first 2024 IPO

Parkin Company, Dubai's parking space operator, has announced plans for an IPO, floating 24.99%. Subscriptions will open on March 5 and will be on until March 12.
Parkin marks UAE’s first IPO this year. The offer price range will be announced on March 5.
"The sale of 749,700,000 ordinary shares with nominal value of AED 0.02, each representing 24.99% of the total issued shares in the company will be sold by the company's sole shareholder, mainly, the Dubai Investment Fund," according to a prospectus issued by the company.
Retail investors can pick up 10% of the stock float and guaranteed to receive a minimum of 2,000 shares apiece.
Parkin is the largest provider of paid parking facilities and services in Dubai, accounting for more than 90% of Dubai's on-and-off-street paid parking market.
Emirates NBD Bank is the lead receiving bank of the IPO.

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Dubai's Parkin to float 24.99% in UAE’s first 2024 IPO