Dubai Financial Market (“DFM”) today welcomed the successful listing of Parkin Company P.J.S.C. (“Parkin”), the exclusive public parking operator in Dubai with an extensive three-decade track record.
Parkin's IPO marked the year's first public offering on the Dubai Financial Market (DFM) in 2024, aligning with the Emirate's capital markets development strategy unveiled in late 2021. This milestone listing signifies Dubai's commitment to privatization and IPO programs, enhancing market dynamics and attracting both regional and international investors. Parkin's offering received significant attention, with AED 259 billion in aggregate demand, reflecting strong investor confidence in its growth strategy amid Dubai's economic resilience and population expansion plans. Parkin distinguishes itself through technologically advanced parking facilities, ensuring a superior customer experience across Dubai.
Ahmed Hashem Bahrozyan, Chairman of Parkin, marked the company's listing on the Dubai Financial Market (DFM) by ringing the market opening bell, joined by dignitaries including His Excellency Helal Al Marri and Eng. Mohamed Al Ali.
Parkin, trading under the symbol "PARKIN," raised AED 1,574.37 million in its successful public offering, resulting in a market capitalization of AED 6.30 billion at admission, with a share price of AED 2.10. The offering, oversubscribed by 165 times, drew record-breaking demand of AED 259 billion. Bahrozyan emphasized Parkin's pivotal role in Dubai's transport ecosystem and commitment to providing innovative mobility solutions, aligning with the city's expansion plans and vision for sustainable growth.
His Excellency Helal Al Marri, Chairman of the DFM, welcomed Parkin's listing, attributing its success to Dubai's dynamic capital markets development strategy overseen by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.
Eng. Mohamed Al Ali, CEO of Parkin, expressed pride in the company's debut on the DFM, highlighting its record-breaking IPO oversubscription and its integral role in Dubai's economic growth.
Hamed Ali, CEO of the DFM and Nasdaq Dubai, emphasized the exchange's leading position and the confidence in Dubai's capital markets, anticipating a robust pipeline of successful IPOs in 2024.
In 2023, the DFM General Index has experienced a notable 21.7% increase, contributing to a total trading value of AED 101 billion. With an investor base exceeding a million, representing over 200 nationalities, DFM welcomed 62,676 new investors, reflecting its global appeal, underscoring its role as a vibrant and diverse financial ecosystem.
News Source: Dubai Media Office
