Parkin IPO: Dubai’s $429 Million IPO Sells Out Within Minutes - Bloomberg
The Dubai government’s latest initial public offering sold out as soon as books opened, with investors rushing to snap up shares in the city’s public-parking business.
Books for the listing of Parkin Co. PJSC, which could raise as much as 1.57 billion dirhams ($429 million), were covered across the price range within minutes of opening for subscriptions on Tuesday, according to terms of the deal obtained by Bloomberg show.
The price range for Parkin was set at 2 dirhams to 2.10 dirhams per share, valuing the firm at as much as $1.7 billion, according to a statement. The Dubai Investment Fund is selling 749.7 million shares, or a 25% stake.
The subscription period closes on March 12 for retail investors and a day later for fund managers. The final price will be announced on March 14, and the stock is expected to start trading on March 21.
The sale of a stake in Parkin will be the sixth privatization by the Dubai government as 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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