How to Buy Parkin IPO in The UAE?

Dubai-based company Parkin Co. has set the price of its shares for its initial public offering (IPO) at Dh2 to Dh2.10 each.

The company aims to raise Dh1.57 billion through the IPO, which began on March 5, according to Bloomberg.

Subscription for the IPO will close on March 12 for regular investors and a day later for big investors.

The company plans to have its shares listed on the Dubai Financial Market on March 21.

On February 27, Parkin announced its plan to offer 24.99 percent or 749.7 million shares on the Dubai Financial Market.

Here’s how can you buy Parkin Co. IPO in the UAE

Method 1: DFM Mobile App

The DFM mobile app provides step-by-step guidance for the IPO subscription process.

Mobile App Links

Method 2: IPO Subscription Platform

Subscribe online through our IPO Platform during designated periods only.

Visit the IPO Platform

Method 3: Banks

Alternatively, subscribe directly through a company’s designated bank branches listed in the Prospectus, with various subscription methods available.

Here’s the list of the banks for Parkin Co. IPO

• ADCB
• ADIB
• AL Maryah Community Bank
• Commercial Bank of Dubai
• Dubai Islamic Bank
• Emirates Islamic
• FAB
• Mashreq Bank
• Emirates NBD
• WIO Bank

About Parkin

Parkin is Dubai’s leading provider of paid parking facilities and services, holding exclusive rights for operating all public parking spaces across the Emirate, including on-street, off-street, and multi-storey car parks.

With nearly thirty years of experience, Parkin’s team manages around 197,000 parking spaces strategically located throughout Dubai, ensuring a top-notch customer experience.

Offer Details

SHARE PRICE RANGE	AED 2.00 – AED 2.10
SHARES OFFERED	749,700,000
PROPOSED SYMBOL	Parkin
COMPANY NAME	Parkin Company
SECTOR	TBA
EXCHANGE	Dubai Financial Market

Subscription Period

START DATE	05-03-2024
END DATE	12-03-2024
ALLOCATION DATE	14-03-2024
REFUND START DATE	19-03-2024
EXPECTED LISTING DATE	21-03-2024

Why should You invest in Parkin?

Parkin boasts a strong financial profile, with the following key strengths:

• Positioned to capitalize on Dubai’s ambitious economic and population growth plans.
• Holds a natural dominant market position with exclusive rights to operate all RTA’s existing and future paid public parking facilities.
• Features a fully integrated digital infrastructure, equipped with advanced operational and technological capabilities.
• Supported by a robust regulatory framework secured by a comprehensive Concession Agreement.
• Exhibits resilient financials, generating infrastructure-like cash flows, attractive margins, and high cash conversion, enabling the distribution of attractive dividends.
• Provides a solid platform with substantial growth potential, bolstered by various avenues for scaling up and diversification.
• Maintains a clearly defined ESG (Environmental, Social, and Governance) framework in alignment with RTA’s and Dubai’s sustainability objectives.

What is the Company’s valuation?

For details on the Company’s valuation, please consult your investment or financial advisor. Additional information can be found in the prospectus available under the ‘Documents’ section on the IPO webpage.

How has Parkin performed financially?

Parkin has exhibited strong financial performance, characterized by high margins and excellent cash conversion. The company’s operational model and favorable regulatory environment contribute to its superior margins and robust cash conversion.

Parkin’s revenue increased by 14% from AED686m in 2022 to AED779m in 2023. EBITDA experienced even higher growth, rising by 23% from AED337m in 2022 to AED414m in 2023, representing a margin of 53%.

Pro Forma EBITDA for 2023 stood at AED443m, resulting in a Pro forma EBITDA margin of 57%. Furthermore, the Company’s capex light business model led to an exceptional cash conversion rate of 99% in 2023. For comprehensive financial details, please refer to the prospectus.

Read the Prospectus