Dubai March 5 2024: Dubai’s Parkin, which oversees public parking operations in the emirate, has set the price for its planned initial public offering (IPO) at 2 to 2.1 dirhams ($0.57) per share, it said on Tuesday.
The company will offer an around 25% stake, in the emirate’s first privatisation deal this year, giving it an overall valuation of up to 6.3 billion dirhams ($1.72 billion).
The offering will run until March 13 and Parkin’s debut on the local bourse is expected on March 21, the firm said in a statement.
Parkin operated about 179,000 paid public parking spaces across Dubai as of the end of last year, of which 4,000 or so were at multi-storey car parks. It also manages an additional 18,000 spaces at developer-owned facilities, it said.
Parkin, which expects to make its bourse debut this month, posted revenue of 779 million dirhams in 2023, up 14% from a year earlier, while its core profit rose 23% to 414 million dirhams.
