Parkin Company begins trading on the Dubai Financial Market

Parkin Company begins trading on the Dubai Financial Market

Dubai Financial Market (“DFM”) today welcomed the successful listing of Parkin Company P.J.S.C. (“Parkin”), the exclusive public parking operator in Dubai with an extensive three-decade track record. Marking the first public offering of 2024 on the DFM, this milestone listing continues the Emirate’s robust capital markets development strategy to float government, state-related, and private sector entities, which is a key component of the ambitious agenda unveiled at the end of 2021. DFM actively supports the privatization and IPO programs by facilitating the listing of new entities which are poised to enhance trading volumes, foster growth in domestic markets, and further fortify Dubai's capital markets, creating a more dynamic and diversified financial landscape. 
Parkin’s Offering garnered significant attention from international and regional institutional investors, along with retail investors in the UAE. The aggregate demand of AED 259 billion (approximately USD 71 billion), reflects an impressive oversubscription multiple of 165 times. This robust response underscores investor confidence in Parkin's growth strategy and strong investment proposition, against the backdrop of Dubai's steadfast economic performance and population expansion plans.
 
Parkin's operational distinction lies in its technologically advanced, digitally enabled parking facilities strategically positioned across Dubai, ensuring a superior customer experience. 
 
Ahmed Hashem Bahrozyan, Chairman of Parkin, rang