Page 60 - SALIK PR REPORT - MARCH 2024

Dubai's Parkin surges 30% on trading debut

in UAE's first IPO of the year

Story by Natasha Turak

• 20h • 3 min read

• Shares of Dubai parking operator Parkin surged more than 30% as
the company 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.

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.

"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.

https://www.msn.com/en-my/money/companies/dubai-s-parkin-surges-30-on-trading-debut-
in-uae-s-first-ipo-of-the-year/ar-BB1kgQVI