Parkin, the company set up by Dubai to oversee parking operations, could raise as much as Dh1.57 billion ($428 million) from its initial public offering on the Dubai Financial Market.
The price range for the offering has been set between Dh2 and Dh2.10 per share, implying a market capitalisation at listing of between Dh6 billion to Dh6.30 billion, the company said on Tuesday.
The Dubai Investment Fund expects to sell 749.7 million ordinary shares, representing 24.99 per cent of the total issued share capital of the company.
The subscription period for retail investors runs from March 5 to March 12, while for institutional investors, it ends on March 13.
The final offer price is expected to be announced on March 14, with the company planning to start trading a week later, on March 21.
“As Dubai continues to grow, our company will grow with it. The IPO will enable us to build on and accelerate our success,” said Mohamed Al Ali, chief executive of Parkin.
The company has received “strong interest from investors following our intention to float on the DFM”, he said.
Parkin is the largest provider of paid parking spaces and services in Dubai, accounting for more than 90 per cent of the emirate's on and off-street paid parking market.
It operated about 175,000 on and off-street parking spaces across 85 locations, and close to 18,000 spaces across seven developer-owned parking lots as of the end of last year.
The company is also responsible for issuing permits to drivers, allowing them to subscribe to public parking, use and operate it, and reserve parking spaces.
It is also tasked with establishing, designing and managing private parking spaces, as well as investment in related business activities, among other responsibilities.
Parkin's revenue for the financial year ending December 31 climbed 13.5 per cent annually to Dh779.4 million.
The company's profits before interest, taxes, depreciation and amortisation rose by 23 per cent during the period to Dh414.4 million, according to the prospectus.
The company's IPO comes after Dubai announced plans in November 2021 to list 10 state-owned companies, aiming to expand the size of its financial market to Dh3 trillion.
It also established a Dh2 billion marketmaker fund to encourage listings from private companies in sectors such as energy, logistics, and retail.
Five state-owned enterprises have been listed on the DFM since 2022.
The listing of Dubai Electricity and Water Authority was the largest GCC IPO in 2022, raising $6.1 billion.
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs: 2018 Maserati Ghibli
Price, base / as tested: Dh269,000 / Dh369,000
Engine: 3.0-litre twin-turbocharged V6
Transmission: Eight-speed automatic
Power: 355hp @ 5,500rpm
Torque: 500Nm @ 4,500rpm
Fuel economy, combined: 8.9L / 100km
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
The%20specs
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
PROFILE BOX
Company name: Overwrite.ai
Founder: Ayman Alashkar
Started: Established in 2020
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors
COMPANY%20PROFILE
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No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Most%20ODI%20hundreds
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Company%20profile
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TRAINING FOR TOKYO
A typical week's training for Sebastian, who is competing at the ITU Abu Dhabi World Triathlon on March 8-9:
- Four swim sessions (14km)
- Three bike sessions (200km)
- Four run sessions (45km)
- Two strength and conditioning session (two hours)
- One session therapy session at DISC Dubai
- Two-three hours of stretching and self-maintenance of the body
ITU Abu Dhabi World Triathlon
For more information go to www.abudhabi.triathlon.org.
