Parkin's shares increased by more than 30% to Dh2.74 in the first few minutes of its DFM listing, marking another successful debut for a Dubai government company going public.
Parkin is closing off a record-breaking subscription period that saw 63,000 retail investors participate, many of them for the first time in an IPO in the United Arab Emirates. For the IPO, the stock was priced at Dh2.1.
Market observers predict that in the coming days, a sizable number of individual investors will continue to support the stock as they want to increase their first subscriptions. Within the first fifteen minutes of the launch, the Parkin's impressive debut is also reflected in strong transactions at the other RTA (Road & Transport Authority) affiliated companies, Salik (up 0.8%) and Dubai Taxi Co. (up 0.43%).
Parkin, the first company in the UAE to do so in 2024, sold 749.7 million shares at Dh2.1 each in the initial public offering (IPO), offering 24.99 percent of its issued share capital. At the time of listing, the company had a market capitalization of Dh6.3 billion. Dh259 billion was raised in total revenues from the offering, which brought in Dh1.6 billion.
