Parkin begins buying and selling on Dubai Financial Market
Dubai’s unique public parking operator, Parkin, made its buying and selling debut on the Dubai Financial Market (DFM) on Thursday.
This marks the primary public providing of 2024 on the DFM.
Raising AED 1.57 billion for its Initial Public Offering (IPO), Parkin was oversubscribed by 165 occasions, attracting total investor demand of AED 259 billion.
The providing resulted in a market capitalization of AED 6.3 billion upon admission, with a share value of AED 2.10 on the higher finish of the value vary.
Ahmed Hashem Bahrozyan, Chairman of Parkin, rang the DFM market opening bell to rejoice the itemizing.
“With a systemic role in Dubai’s transport ecosystem, now and in the future, Parkin’s record-breaking listing on the DFM reflects great confidence in the Emirate’s long-term growth and success. With a near thirty-year track record in parking management, Parkin provides critical infrastructure that enables mobility to support the city’s expansion plans,” mentioned Bahrozyan.
In 2023, the DFM General Index has skilled a notable 21.7 per cent improve, contributing to a complete buying and selling worth of AED 101 billion.
With an investor base exceeding 1,000,000, representing over 200 nationalities, DFM welcomed 62,676 new buyers, reflecting its world attraction, underscoring its function as a vibrant and numerous monetary ecosystem.
.@DFMalerts welcomes the profitable itemizing of @ParkinUAE, #Dubai’s unique public parking operator. pic.twitter.com/7LmqPAKW2r
— Dubai Media Office (@DXBMediaOffice) March 21, 2024
.@ParkinUAE Company begins buying and selling on @DFMalerts:
– Total gross proceeds of roughly AED 1.6 billion raised (equal to roughly USD 429 million), with a market capitalization at time of itemizing of AED 6.30 billion (equal to roughly USD 1.72 billion).
— Dubai Media Office (@DXBMediaOffice) March 21, 2024
Source web site: www.dubai92.com
