Page 58 - SALIK PR REPORT - MARCH 2024
P. 58

3/22/24, 10:13 AM                           Dubai's Parkin surges 30% in UAE's first IPO of the year
                             “There are clear indications that Dubai is on a growth trajectory, and Parkin
                             is an integral part of the city of Dubai. So as Dubai grows, it’s only natural
                             that Parkin grows as well,” Parkin Chairman Ahmed Hashem Bahrozyan told
                             CNBC’s Dan Murphy shortly after trading began on Thursday.





























                  Dubai paid parking provider Parkin goes public on the Dubai Financial Market Exchange on March 21, 2024 in Dubai, United Arab
                  Emirates.
                  CNBC


                             Parkin’s owner, the Dubai Investment Fund, offered a 25% stake in its listing
                             of the company and demand from state institutions and families has been
                             high, suggesting a robust appetite for Gulf investment.

                             Parkin is offering a dividend of 100% of profit or free cash flow to equity,
                             whichever is higher, “subject to distributable reserves requirements,”
                             according to its prospectus.



                             Asked if the company would be able to maintain such a level of payouts
                             going forward, Bahrozyan said: “We are very confident we can, as I said the
                             level of growth in the city promises that we will grow. And we do have very
                             comprehensive and very powerful plans for expansion ... We promise that
                             we will do our best to maximize the value for all the shareholders.”

                             Parkin’s float follows a relatively quiet period for listings in Dubai, after a
                             marathon year of public offerings in 2022 that saw many of the emirate’s
                             major public utilities and critical infrastructure operators go public.

                             Those included Dubai power and water utility DEWA — the city’s largest-
                             ever IPO raising 22.3 billion dirhams in April 2022 — as well as toll operator
                             Salik, district cooling services provider Empower, and Dubai Taxi.

                             Parkin is the sixth firm to IPO under Dubai’s public listing drive, which
                             started in 2021. The city is seeking to improve liquidity and volume on its
                             local bourses to better compete with regional counterparts in Abu Dhabi and
                             Riyadh.










      https://www.cnbc.com/2024/03/21/dubais-parkin-surges-30percent-in-uaes-first-ipo-of-the-year.html          2/3
   53   54   55   56   57   58   59   60   61   62   63