Page 57 - SALIK PR REPORT - MARCH 2024

3/22/24, 10:13 AM Dubai's Parkin surges 30% in UAE's first IPO of the year

MARKETS
Dubai’s Parkin surges 30% on

trading debut in UAE’s first IPO of

the year

PUBLISHED THU, MAR 21 20245:13 AM EDTUPDATED THU, MAR 21 20249:00 AM EDT

Natasha Turak SHARE
@NATASHATURAK

KEY Shares of Dubai parking operator Parkin surged more than 30% as the company
POINTS went public on the Dubai Financial Market.

Raising 1.57 billion dirhams ($429 million) for its IPO, Parkin was oversubscribed by
165 times, seeing demand of 259 billion dirhams — a record for the Dubai Financial
Market exchange.

V I D E O 0 4 : 4 7
UAE’S Parkin chairman discusses company’s $429
million IPO after shares jump 31%

DUBAI, United Arab Emirates — Shares of Dubai parking operator Parkin
surged more than 30% Thursday as the company went public on the Dubai
Financial Market.

Parkin’s price per share jumped to 2.73 dirhams ($0.74) as trading began,
marking an overwhelmingly positive debut for the United Arab Emirates’ first
public listing of the year. Shares were initially priced at the top end of their
range at 2.1 dirhams, giving the company a valuation of $1.7 billion.

Raising 1.57 billion dirhams ($429 million) for its IPO, Parkin was
oversubscribed by 165 times, seeing demand of 259 billion dirhams — a
record for the exchange.

Parkin is the largest provider of paid parking in Dubai, and is set to see
further demand as the city’s population climbs. The expat hub in the first half
of 2023 saw a 63% increase in residency visas issued compared to the
same period a year prior.

https://www.cnbc.com/2024/03/21/dubais-parkin-surges-30percent-in-uaes-first-ipo-of-the-year.html 1/3