Page 26 - SALIK PR REPORT FEBRUARY 2024

As per the prospectus, the offer price range will be made public on March

5, and retail investors will get an opportunity to buy 10 per cent of the stock
float and be guaranteed to receive a minimum of 2,000 shares apiece.
Emirates NBD Bank is the lead receiving bank of the IPO.

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"The minimum application size for the retail tranche is Dh5,000 and
thereafter in increments of Dh1,000 apiece," according to the prospectus.

Atik Munshi, managing partner, FinExpertiza UAE, said Parkin IPO is
expected to attract retail investors looking to capitalise on investment
opportunities in the market.

"With the increase in permanent and floating populations, there is always
a dearth of parking spaces in Dubai, particularly in the commercial and

business areas. With the launch of Parkin's IPO, investors can get a slice of
the lucrative market, which has even better potential in the future,"
Munshi told Khaleej Times on Tuesday.

Third RTA entity

Parkin, which closed 2023 with Dh779.4 million in revenues and Dh414.4
million net profit, will be the third entity of Dubai's Road and Transport

Authority (RTA) after Salik and Dubai Taxi Company. It operates 175,000
parking spaces across 85 locations in the city, another 4,000 or so spaces
at nine MSCPs (multi-storey car parks), and about 18,000 spaces at seven

developer-owned facilities.

The entity oversees the RTA's car park and was incorporated as a public
joint stock company in January. Under the law, Dubai's ownership of the
company will not fall below 60 per cent when its shares are sold to the
public.

The listing of the parking business follows the RTA's successful IPO of

Dubai Taxi Company, which attracted $330 million in November. It was

https://www.khaleejtimes.com/business/markets/dubais-parkin-ipo-to-open-subscription-on-march-
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