Page 31 - SALIK PR REPORT FEBRUARY 2024

2/27/24, 10:36 AM Dubai's Parkin IPO To Open Subscription On March 5 | MENAFN.COM

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.

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