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Parkin intends to float 25% of shares on DFM

Parkin intends to float 25% of shares on DFM
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Dubai – Mubasher: Parkin Company announced plans to proceed with an initial public offering (IPO) to list its ordinary shares on the Dubai Financial Market (DFM).

Parkin, the largest provider of paid parking facilities and services in Dubai, highlighted that the offering price will be determined following the book-building process.

The company intends to offer 749.70 million shares, representing 24.99% of its total issued share capital.

The subscription period will take place from 5 March 2024 and close on 12 March for UAE retail investors, while it will end on 13 March for qualified investors.

Meanwhile, the company’s share capital has been set at AED 60 million at the date of the listing, divided into 3 billion shares paid-in-full, with a nominal value of AED 0.02 per share.

Following the offering, Parkin plans to disburse a semi-annual dividend in April and October, with a first payment expected in October 2024 in respect of the first half (H1)of 2024.

Ahmed Hashem Bahrozyan, Chairman of Parkin, said: “Parkin’s IPO will enable us to build on and accelerate our progress in supporting these ambitions, driving the Emirate’s future success.”

“As a result, I am confident in Parkin’s future opportunities, delivering on our vision to become one of the leading parking providers in the world,” Bahrozyan added.

Mohamed Al Ali, CEO of Parkin, highlighted: “As we begin this new chapter, we remain steadfast in our commitment to drive growth, delivering value to our stakeholders, and shaping the future of our industry.”