Dubai is offering up to a 25% stake in recently launched Parkin — Dubai’s public parking operator — in an IPO on the Dubai Financial Market in March, according to a Dubai Media Office statement. The Dubai Investment Fund will be selling 745 mn shares, according to a prospectus (pdf) published yesterday.

ICYMI-Dubai’s Road and Transport Authority launched Parkin in January, just a few months after saying it would go public with its taxi and parking assets. The company takes care of the design and management of public and private parking spaces in the emirate and issuing parking permits.

The book building process starts next Tuesday and will conclude on 12 March for retailinvestors and a day later for institutional investors. Shares are expected to begin trading on 21 March.

Advisors: Rothschild & Co’s Middle East division was tapped as independent financial advisor.Emirates NBD, HSBC Middle East, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, and our friends at EFG Hermes UAE are joint lead managers.

ALSO WORTH NOTING-

  • Shein mulls London IPO amid scrutiny from NYC regulator: Ultra-fastfashion retailer giant Shein is looking into ditching its New York listing plans — in what was set to be the city’s largest IPO of the decade — in favor of a London IPO if US regulators refuse to give the IPO the go-ahead over ties to China. (Financial Times)

EGX30

29,205

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USD (CBE)

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Sell 30.96

USD at CIB

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THE CLOSING BELL-

The EGX30 rose 0.9% at yesterday’s close on turnover of EGP 8.9 bn (112.2% above the 90-day average). Foreign investors were net sellers. The index is up 17.3% YTD.

In the green: Orascom Construction (+12.8%), Elsewedy (+9.8%), and Fawry (+8.1%).

In the red: Oriental Weavers (-5.7%), Juhayna (-4.0%), and Ezz Steel (-4.0%).

Asian markets are mixed but were trending mostly lower in early trading this morning. Futures once again point to a soft open for stocks in New York, London, Frankfurt, and Toronto later today.

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