It’s official: Parkin will be UAE’s first IPO of 2024

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Dubai’s newest parking operator, Parkin, has revealed its plan to launch what will be the UAE’s first initial public offering (IPO) of 2024.

The company — spun out of the Dubai Roads and Transport Authority (RTA) late last year — is set to float 24.99 per cent of its shares. Share subscriptions are open from March 5 until March 12 this year.

The sale of 749,700,000 ordinary shares with nominal value of AED 0.02, each representing 24.99 per cent of the total issued shares in the company will be sold by the company’s sole shareholder, mainly, the Dubai Investment Fund, according to a prospectus issued by the company.

As part of this share sale tranche, retail investors can acquire up to 10 per cent of the stock float.

The company is already the largest provider of paid parking facilities and services in Dubai, accounting for more than 90 per cent of Dubai’s on-and-off-street paid parking market.

Emirates NBD Bank has been appointed as the lead receiving bank of the IPO.

Parkin established by Sheikh Mohammed in December

The move to list comes after Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, late last year established the company as a ‘PJSC’, followed by the appointment of members of the board of directors.

Following this development, Parkin’s chairman, Ahmed Hashem Bahrozyan, announced Mohamed Al Ali, a veteran of the Dubai Roads and Transport Authority (RTA), as the company’s new CEO.