{"id":89712,"date":"2024-03-06T00:00:00","date_gmt":"2024-03-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/parkin-ipo-sells-out-in-minutes\/"},"modified":"2024-03-06T00:00:00","modified_gmt":"2024-03-06T00:00:00","slug":"parkin-ipo-sells-out-in-minutes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/06\/parkin-ipo-sells-out-in-minutes\/","title":{"rendered":"Parkin IPO sells out in minutes"},"content":{"rendered":"

Dubai\u2019s car parking space manager <\/strong>Parkin<\/a><\/strong> has priced its IPO at AED 2 to AED 2.1<\/strong>,putting it on course to raise up to AED 1.57 bn from its DFM listing, it said in a statement (pdf)<\/a> yesterday. The company kicked off its book building process yesterday, with books covered within minutes, Bloomberg<\/a> reports, citing a document it saw. The pricing of the IPO values the company at as much as AED 6.3 bn. <\/p>\n

What\u2019s next?<\/strong>Retail investors have until next Tuesday, 12 March, to subscribe, while the subscription period for institutional investors wraps on Wednesday, 13 March. The final price will be disclosed on 14 March, after which Parkin\u2019s shares will start trading on 21 March, according to Bloomberg.<\/p>\n

Refresher: <\/strong>Dubai Investment Fund is offering a 25% stake (or 749.7 mn shares)<\/a> on the DFM in the first IPO of the year. The state-owned company will be the sixth to go live on the Dubai bourse as part of the government\u2019s privatization plan to up trading volumes, with the emirate saying it plans to list 10 state-owned companies back in 2021.<\/p>\n

Advisors: <\/strong>Rothschild & Co<\/a> \u2019s Middle East division is the independent financial advisor, while Emirates NBD<\/a>, Goldman Sachs<\/a>, and HSBC Holdings<\/a> are joint global coordinators, and Abu Dhabi Commercial Bank, our friends at EFG Hermes UAE, and First Abu Dhabi Bank are joint bookrunners. Emirates NBD is the lead receiving bank of the IPO, with the Commercial Bank of Dubai, FAB, Abu Dhabi Islamic Bank, AlMaryah Community Bank, Emirates Islamic Bank, Wio Bank, and our friends at Mashreq, also acting as receiving banks.<\/p>\n

More on Parkin: <\/strong>Established in January<\/a> by Dubai\u2019s Road and Transport Authority, the company oversees over 197k public and private parking spaces in the emirate. It has inked contracts with private developers to add some 18k parking spaces to its portfolio, and held talks<\/a> with Dubai\u2019s Roads and Transport Authority and Dubai Electricity and Water Authority to monetize green public parking spaces.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company is on track to raise up to AED 1.57 bn<\/p>\n","protected":false},"author":1,"featured_media":89713,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1560],"tags":[130,87,7,149,183,5],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-dfm","tag-dubai","tag-enterpriseam-uae","tag-ipo-watch","tag-parkin","tag-roads-and-transport-authority","wpautop","entry"],"acf":{"mongo_id":"3d0627a6-e4c8-4c4e-9074-80431552f4a9","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/404.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Parkin IPO sells out in minutes","related_issue":[89709],"teaser":"The company is on track to raise up to AED 1.57 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.957c1024-49c9-4413-afd3-32bc648ac507.mp3"},"yoast_head":"\nParkin IPO sells out in minutes - 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