Parkin's initial public offering has hit the highest oversubscription level of 165 times with record demand of Dh259 billion from investors

Parkin said on Thursday that its initial public offering (IPO) had reached the greatest level of oversubscription ever recorded on the Dubai Financial Market. Investor demand for the IPO exceeded all expectations by 165 times, amounting to a record Dh259 billion. 

It said earlier this week that the quantity of shares available to regular investors will be increased. In the retail area, it raised ordinary shares by 12%, from 74,970,000 to 89,964,000. The qualifying investor tranche was lowered from 674,730,000 shares to 659,736,000 shares, or 88% of the offer shares, as opposed to the 90% that had been originally disclosed. At the time of IPO, Parkin's market capitalization was Dh6.30 billion, with shares priced at Dh2.10. Through the share sale, the firm was able to raise Dh1.6 billion in total. 

Parkin is the first firm to make an IPO in the United Arab Emirates in 2024, and it will be the leading provider of paid parking facilities and services in Dubai. Approximately 197,000 paid parking spots are now run by it at key places throughout the emirate.

In contrast, the retail offering witnessed demand of Dh29 billion, an oversubscription of 153 times through over 63,000 applications, a record for a DFM IPO. The qualified investor tranche received more than Dh230 billion, meaning an oversubscription of 166 times. On March 21, it is anticipated to start trading on the Dubai Stock Exchange.