It’s official: Parkin will be UAE’s first IPO of 2024

It’s official: Parkin will be UAE’s first IPO of 2024

“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. As part of this share sale tranche, retail investors will be able to acquire up to 10 per cent of the stock float. Parkin is already the largest provider of paid parking facilities and services in Dubai, accounting for more than 90 per cent of Dubai’s on-and-off-street paid parking market. Emirates NBD Bank has been appointed as the lead receiving bank of the IPO. The move to list comes after His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, late last year established Parkin as a PJSC, followed by the appointment of members of the board of directors. Following this development, Parkin’s Chairman, Ahmed Hashem Bahrozyan, announced that Mohamed Al Ali, a veteran of the Dubai Roads and Transport Authority (RTA), as Parkin’s new CEO. It’s official: Parkin will be UAE’s first IPO of 2024