Dubai’s Parkin valued at $1.7bn on listing

Dubai’s Parkin valued at $1.7bn on listing

Parkin, the Dubai government’s parking management company, has set the price range for its proposed initial public offering (IPO) at AED2 to AED2.1 ($0.54–0.57) per share. The company will offer a 25 percent stake, which is the emirate’s first privatisation deal this year, giving it a valuation of between AED6 billion and AED6.30 billion ($1.6 […]Parkin, the Dubai government’s parking management company, has set the price range for its proposed initial public offering (IPO) at AED2 to AED2.1 ($0.54–0.57) per share.

The company will offer a 25 percent stake, which is the emirate’s first privatisation deal this year, giving it a valuation of between AED6 billion and AED6.30 billion ($1.6 billion–1.7 billion).

The book-building period will run from March 5 to March 13 and the final price is expected to be announced on March 14. The stock is expected to be listed on the Dubai Financial Market (DFM) on March 21.

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Parkin plans to channel proceeds from its initial public offering into technological upgrades, including expansion of its electric vehicle services. 

The company has already rolled out technology, such as