Dubai's Parkin IPO oversubscribed, raises $427.5 million

Dubai's Parkin, responsible for managing public parking in the Emirates, has successfully completed its initial public offering (IPO), pricing shares at the top end of the range and raising $427.5 million.

The IPO, which offered around 25% of the company's stake, garnered significant interest from investors, oversubscribed by approximately 165 times.

Priced at 2.1 dirhams per share, Parkin's IPO attracted strong demand from both local and international investors, totaling around 259 billion dirhams. This marks the Emirate's first privatization deal of the year and sets Parkin's overall valuation at approximately 6.3 billion dirhams.

In a statement, Parkin announced that it expects trading to commence on the local bourse on March 21.