Page 188 - SALIK PR REPORT JANUARY 2024

Hani Abuagla
Hani Abuagla added that the strong interest and higher appetite for risk
could create a strong demand for an IPO from Parkin and for others in the
future.
“A new IPO could help raise the profile of the stock market and could help
extend the gains it has been recording during the last few weeks and
eventually surpassing its 2023 peak,” added Abuagla.

Valuation
According to the latest data released by the RTA in December 2023, there are
about 125,719 parking spaces in Dubai, and the charges per hour for parking
spaces in Zones A, B, C, and D are Dh3, Dh4, Dh2, and Dh2, respectively.
“Using a conservative approach that assumes parking charges of Dh3 per
hour on average and, roughly 12 hours of parking occupancy per day, and
around 300 paid parking days in a year, it would bring Parkin’s total full-year
revenue to around Dh1.357 billion. By comparison, Salik’s full-year revenue
stands at approximately Dh2.036 billion and it attracted proceeds worth Dh1
billion (roughly 50 per cent of its revenue). Thus, we can expect Parkin to
attract a valuation of around Dh650 million to Dh700 million,” added Valecha.

https://www.khaleejtimes.com/business/markets/after-salik-and-dubai-taxi-newly-formed-parkin-could-
launch-ipo-next-experts