Dubai's Parkin to sell 24.99% stake in IPO

Dubai's newly established parking company, Parkin, will launch an initial public offering (IPO) with a 24.99 per cent stake.

According to the company's prospectus released on Tuesday, Parkin will issue 749.7 million shares on the Dubai Financial Market.

Subscription for retail investors opens on March 5 and closes on March 12, with institutional investors having until March 13 to subscribe.
Up to 10 per cent of the offering will be available to retail investors, with a minimum subscription of AED 5,000.

Five per cent of the offering is reserved for the Emirates Investment Authority and another 5 per cent for the Pensions and Social Security Fund of Local Military Personnel.

The price range for the IPO will be announced on March 5, and the final offer price will be determined on March 14.

Parkin plans to be listed on the Dubai Financial Market on March 21, marking a significant milestone in the company's journey. 

Speaking to ARN, Ahmed Bahrozyan, Chairman of Parkin’s Board of Directors, reassured drivers that it will not be able to raise prices, as all charges will still be set by the RTA.