Dubai – Mubasher: Parkin Company announced the price range and start of the subscription period for its initial public offering (IPO) on the Dubai Financial Market (DFM), according to a press release.

The offering has been set between AED 2 and AED 2.10 per share, implying a market cap at listing of between AED 6 billion to AED 6.30 billion ($1.63 billion to $1.72 billion).

The Dubai Investment Fund expects to sell 749.70 million ordinary shares, equivalent to 24.99% of the total issued share capital of the company.

This will take place while reserving the right to amend the size of the offering at any time before the end of the subscription period at their sole discretion, subject to the approval of the SCA.

In case all the shares offered are sold, the size of the offering will stand at AED 1.49 billion to AED 1.57 billion ($408.28 million to $428.69 million).

Meanwhile, the final offer price is expected to be announced on 14 March 2024.

Following the Offering, and subject to the size of the Offering not being increased, the Selling Shareholder will continue to hold a stake of 75.01% of the total issued share capital of the company.

Mohamed Al Ali, CEO of Parkin, said: “With a track record spanning almost three decades, Parkin delivers best-in-class parking management capabilities and solutions in line with Dubai's economic, urbanisation, and social ambitions.”

“We provide a critical infrastructure to the Emirate with a systemic role in enabling mobility to support the city’s expansion plans. As Dubai continues to grow, our company will grow with it,” Ali continued.  

The CEO highlighted: “The IPO will enable us to build on and accelerate our success; driving further innovation, delivering strong financial performance, and realizing the potential of our growth platform to scale up and diversify.”