Parking space operator, Parkin, set to float 24.99 per cent shares on the Dubai Financial Market next month

According to an advertisement prospectus released by the firm on Tuesday, Parkin, a Dubai-based company that recently announced plans to begin an initial public offering (IPO), is expected to list 24.99 percent of its shares on the Dubai Financial Market the following month. 

In Dubai, the parking spot provider will be the first business to go public in 2024. Subscriptions will open on March 5 and run until March 12.

According to the prospectus, individual investors will have the chance to purchase 10% of the stock float and will ensure that they obtain at least 2,000 shares each when the offer price range is made public on March 5. The primary receiving bank of the IPO is Emirates NBD Bank.

After Salik and Dubai Taxi Company, Parkin, which ended 2023 with Dh779.4 million in sales and Dh414.4 million in net profit, would be the third company under Dubai's Road and Transport Authority (RTA). It manages 175,000 parking spots spread over 85 municipal locations, an additional 4,000 spaces or so at nine multi-story parking structures, and around 18,000 spaces at seven facilities owned by developers. 

The organisation was established as a public joint stock corporation in January and is in charge of the RTA's parking lot. As per the legislation, if the firm's shares are sold to the public, Dubai's ownership stake cannot decrease below 60% of the company.

The parking company's offering comes after the RTA's lucrative $330 million November IPO of Dubai Taxi Company. Thirty-one times over, investors covered the over $41 billion demand for it.