Parkin IPO: Dubai Government to Offer 25% Stake in Public Parking IPO - Bloomberg
The Dubai government plans to sell a 25% stake in the city’s public parking business in an initial public offering, as it seeks to capitalize on the emirate’s expanding population.
The Dubai Investment Fund will sell 749.7 million shares in Parkin Company PJSC, according to a statement on Tuesday. The subscription period will open on March 5 and is expected to close on March 12. The bookbuilding period for institutional investors will close on March 13.
Shares are expected to start trading on March 21, according to terms of the deal obtained by Bloomberg News.
Parkin’s IPO comes about two months after Dubai raised $315 million from the city’s taxi business. The share sales are part of a plan unveiled at the end of 2021 to list 10 state-owned companies to boost trading volumes and match similar drives in Abu Dhabi and Riyadh.
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