Page 191 - SALIK PR REPORT JANUARY 2024

Prior to Parkin, the government spun off and and sold its shares through the IPO
as part of its announcement to list on the Dubai Financial Market in order to raise
the market capitalisation of the bourse to Dh3 trillion.

Both the IPOs – Salik and Dubai Taxi – witnessed strong responses from both
institutional and retail investors, recording massive .

Salik IPO was in 2022, raking in Dh184.2 billion ($50.2 billion) while Dubai Taxi
IPO was oversubscribed 130 times as well.

Vijay Valecha said tremendous interest and frenzy surrounding the IPOs of Salik
and Dubai Taxi are a testament to investor confidence in the region’s companies.
“Thus, it is safe to assume Parkin’s IPO in the future will also garner substantial
attention and interest.”

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.

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.msn.com/en-ae/news/featured/after-salik-and-dubai-taxi-newly-formed-parkin-could-
launch-ipo-next-experts/ar-AA1ms4pc