Page 29 - SALIK PR REPORT FEBRUARY 2024

2/27/24, 10:35 AM Dubai's Parkin to offer 24.99% stake in IPO
Up to 10 per cent of the public float will be offered to retail investors, with a minimum subscription
amount of Dh5,000 ($1,360).

As part of the qualified investor offering, 5 per cent will be reserved for the Emirates Investment
Authority and 5 per cent for the Pensions and Social Security Fund of Local Military Personnel.

The price range for the deal will be announced on March 5 and the final offer price will be set on
March 14.
The company plans to list on March 21.

Parkin is the largest provider of paid parking spaces and services in
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Dubai, accounting for more than 90 per cent of the emirate's on and
Can GCC markets sustain the IPO
momentum in 2024? off-street paid parking market, according to the prospectus.
Dubai Taxi Company valued at It operated about 175,000 on and off-street parking spaces across
$1.26bn in oversubscribed o ering 85 locations, and close to 18,000 spaces across seven developer-
owned parking lots as of the end of last year.

The entity is also responsible for issuing permits to drivers, enabling them to subscribe to public
parking, use and operate it, and to reserve parking spaces.

It is also tasked with establishing, designing and managing private parking spaces, as well as
investment in related business activities, among other responsibilities.

Parkin's revenue for the financial year ending December 31 climbed 13.5 per cent annually to
Dh779.4 million.

The company's earnings before interest, taxes, depreciation and amortisation rose by 23 per cent
during the period to Dh414.4 million, according to the prospectus.

Dubai announced plans in November 2021 to list 10 state-owned companies to increase the size of
its financial market to Dh3 trillion, as well as set up a Dh2 billion market-maker fund to encourage
the listing of more private companies from sectors such as energy, logistics and retail.

Five state-owned enterprises have listed on the DFM since 2022.

The listing of Dubai Electricity and Water Authority was the largest GCC IPO in 2022, raising $6.1
billion.

State-owned Tecom, Salik and Empower collectively raised $2.2 billion in June, September and
November 2022, respectively.
In November last year, Dubai Taxi Company raised $315 million from its IPO after recording an
oversubscription level of 130 times in aggregate.

Updated: February 27, 2024, 9:15 AM
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