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Parkin’s shares climbed 35.2% on their first day of trading on the DFM yesterday to close at AED 2.84, up from their initial price of AED 2.1. The blockbuster IPO — the first of the year — raised some AED 1.57 bn after seeing 165x oversubscription, and marks the sixth state-owned firm in Dubai to list on the bourse as part of a privatization plan to list 10 state-owned companies.
Parkin tapped xCube as a liquidity provider for its shares listed on the DFM, the company stated in a DFM disclosure (pdf).
ADVISORS- Rothschild & Co’s Middle East division acted as the independent financial advisor on Parkin’s IPO, while Emirates NBD, Goldman Sachs, and HSBC Holdings were joint global coordinators, and Abu Dhabi Commercial Bank, our friends at EFG Hermes UAE, and First Abu Dhabi Bank were joint bookrunners. Emirates NBD was the lead receiving bank of the IPO, with our friends at Mashreq, the Commercial Bank of Dubai, FAB, Abu Dhabi Islamic Bank, AlMaryah Community Bank, Emirates Islamic Bank, Wio Bank, also acting as receiving banks.
Background: Dubai’s Road and Transport Authority (RTA) established Parkin in January, just a few months after saying it would go public with its taxi and parking assets in 2023. The company designs and manages public and private parking spaces in the emirate, and issues parking permits. The authority also listed Dubai Taxi in a AED 1.2 bn IPO last December, and Salik in 2022.
