Dubai’s public parking operator Parkin raised AED 1.57 bn (c. USD 429 mn) from its IPO, with over AED 259 bn in orders from local, regional, and international investors at the close of the offering period, according to a statement (pdf). The order book was 165x oversubscribed, breaking the Dubai Financial Market record for oversubscription, the company said. Dubai Taxi most recently set that record when it went public in December.

Share price set: The company set its final IPO price at the top of its initial price range at AED 2.1 per share.

Shares will start trading on the DFM on Thursday, 21 March,under the ticker PARKN.

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.

Advisors: Rothschild & Co’s Middle East division is the independent financial advisor, while our friend at HSBC are joint global coordinators alongside Emirates NBD, Goldman Sachs, and Abu Dhabi Commercial Bank. Our friends at EFG Hermes UAE FAB are joint bookrunners.

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THE CLOSING BELL-

The EGX30 rose 1.0% at Thursday’s close on turnover of EGP 4.5 bn (6.7% below the 90-day average). Local investors were net buyers. The index is up 25.8% YTD.

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