Parkin starts trading on Dubai Financial Market

Dubai's exclusive public parking operator, Parkin, made its trading debut on the Dubai Financial Market (DFM) on Thursday.

This marks the first public offering of 2024 on the DFM.

Raising AED 1.57 billion for its Initial Public Offering (IPO), Parkin was oversubscribed by 165 times, attracting overall investor demand of AED 259 billion.

The offering resulted in a market capitalization of AED 6.3 billion upon admission, with a share price of AED 2.10 at the upper end of the price range.

Ahmed Hashem Bahrozyan, Chairman of Parkin, rang the DFM market opening bell to celebrate the listing.

"With a systemic role in Dubai’s transport ecosystem, now and in the future, Parkin’s record-breaking listing on the DFM reflects great confidence in the Emirate’s long-term growth and success. With a near thirty-year track record in parking management, Parkin provides critical infrastructure that enables mobility to support the city’s expansion plans," said Bahrozyan.

In 2023, the DFM General Index has experienced a notable 21.7 per cent increase, contributing to a total trading value of AED 101 billion.

With an investor base exceeding a million, representing over 200 nationalities, DFM welcomed 62,676 new investors, reflecting its global appeal, underscoring its role as a vibrant and diverse financial ecosystem.

.@DFMalerts welcomes the successful listing of @ParkinUAE, #Dubai’s exclusive public parking operator. pic.twitter.com/7LmqPAKW2r

— Dubai Media Office (@DXBMediaOffice) March 21, 2024

.@ParkinUAE Company begins trading on @DFMalerts:

- Total gross proceeds of approximately AED 1.6 billion raised (equivalent to approximately USD 429 million), with a market capitalization at time of listing of AED 6.30 billion (equivalent to approximately USD 1.72 billion).

-… pic.twitter.com/R8Ox1Gvq1T

— Dubai Media Office (@DXBMediaOffice) March 21, 2024