Parkin Company makes record debut on Dubai financial market

Dubai Financial Market (“DFM”) today welcomed the successful listing of Parkin Company PJSC (“Parkin”), the exclusive public parking operator in Dubai with an extensive track record spanning three decades.

Parkin’s The IPO marked the first public offering of the year on the Dubai Financial Market (DFM) in 2024, aligning with the Emirate’s capital markets development strategy unveiled in late 2021. This historic listing signifies Dubai’s commitment to the privatization and IPO programs, improving market dynamics and attracting regional companies. and international investors. Parkin’s The offering received significant attention, with aggregate demand of AED 259 billion, reflecting strong investor confidence in its growth strategy amid Dubai’s economic resilience and demographic expansion plans. Biscuit is distinguished by its technologically advanced parking facilities, ensuring a superior customer experience throughout Dubai.

Ahmed Hashem Bahrozyan, President of Parkinmarked the company’s listing on the Dubai Financial Market (DFM) by ringing the market’s opening bell, along with dignitaries such as His Excellency Helal Al Marri and Eng. Mohamed Al Ali.

Biscuit, 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 the time of admission, with a price of AED 2.10 share. The offering, which was 165 times oversubscribed, generated record demand of AED 259 billion. Bahrozyan emphasized Parkin’s critical role in Dubai’s transportation ecosystem and its commitment to providing innovative mobility solutions, aligned with the city’s expansion plans and its vision for sustainable growth.

His Excellency Helal Al Marri, President of the DFM, welcomed Parkin’s listing and attributed 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 his pride at the company’s debut at the DFM, highlighting its record IPO oversubscription and its integral role in Dubai’s economic growth.

Hamed Ali, CEO of DFM and Nasdaq Dubai, He emphasized the exchange’s leadership position and confidence in Dubai’s capital markets, anticipating a strong pipeline of successful IPOs in 2024.

In 2023, the overall DFM index saw a notable increase of 21.7%, contributing to a total trade value of AED 101 billion. With an investor base exceeding one million and representing more than 200 nationalities, DFM welcomed 62,676 new investors, reflecting its global appeal and underlining its role as a vibrant and diverse financial ecosystem.

News source: Dubai Press Office