Parkin IPO

Parkin is the largest provider of paid parking facilities and services in Dubai, accounting for more than 90% of Dubai’s on-and-off street paid parking market.
Parkin currently operates 179,000 parking spaces across 85 locations in Dubai. The company closed 2023 with Dh779.4 million in revenues and the 2023 EBITDA was Dh414.4 million.
Parkin announced their intention to offer 749,700,000 shares representing 24.99% of their share capital, through an IPO on the Dubai Financial Market.

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Intention to Float Announcement

27 February 2024

Subscription Open & Price Range Announcement

05 March 2024

Retail Subscriptions Close (First Tranche)

12 March 2024

Final Offer Price Announcement

14 March 2024

Allocation and commencement of refunds

19 March 2024

Expected Listing of Shares on DFM

21 March 2024

Market

Dubai Financial Market (DFM)

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Investment Highlights

Market Leadership

Market Leadership

Dominating the market, it boasts a 100% share in paid public parking and a 91% share across all paid parking sectors in Dubai.

Regulatory Advantage

Regulatory Advantage

As the third IPO from the RTA, this collaboration is fortified by a strong regulatory framework that promises long-term growth.

Financial Strength

Financial Strength

Demonstrating robust financial health, Parkin reported a 14% revenue growth year-over-year, reaching AED 779 million in 2023.

High Dividends

High Dividends

With a Pro Forma EBITDA Margin of 57% and a 99% cash conversion rate, the company supports an attractive dividend policy.

Strategic Growth

Strategic Growth

Aligned with Dubai's dynamic economic and population growth projections, Parkin is poised for significant expansion.

How to Subscribe?

New Users

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Existing Users

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Frequently Asked Questions

Parkin is the leading pioneer in parking solutions in Dubai. It operates under a 49-year concession agreement with the RTA, who is responsible for all major capital expenditure and maintenance of the land allocated to street parking in Dubai. Parkin provides a critical infrastructure to Dubai, with the potential to benefit from the Emirate's ambitious expansion plans. 

Parkin currently operates exclusively in Dubai. 

The Government of Dubai, through the Dubai Investment Fund (DIF), is currently - and prior to this Offering - the 100% shareholder of Parkin. Following the Offering, the Government of Dubai, through DIF, will continue to be the majority shareholder of Parkin. 

Parkin has demonstrated a strong financial performance with high margins and superior cash conversion. The company's operating model and favourable regulatory framework translates into superior margins and strong cash conversions. Parkin's revenue grew by 14% from AED686m in 2022 to AED779m in 2023. For the same year, EBITDA grew at a higher rate of 23% from AED337m in 2022 to AED414m in 2023. The company's capex light business model resulted in a superior cash conversion rate of 99% in 2023. 

  • The Dubai Government's Urban Master Plan seeks to grow the population of the Emirate by more than 60% by 2040 with the number of registered vehicles in Dubai expected to increase by 4% per year on average by 2033. 
  • In line with these growth rates, the demand for public parking in the Emirate is expected to increase by 4.8% per annum on average to 2033, underpinning the company's growth. 
  • Parkin has the exclusive right to operate and manage new parking facilities built and acquired by the RTA to expand its parking footprint in Dubai. 
  • Other potential future revenue streams include converting unpaid parking spaces to paid; establishing new agreements with private developers; expanding new commercial activities such as advertising; electric vehicle related activities; further digital enhancements to drive automation and efficiency; and expanding the company's operational expertise globally. 

  • Parkin will pay a dividend on a semi-annual basis in April and October of each year. 
  • The minimum dividend payout will be the higher of: 
    • 100% of profit for the year 
    • Free cash flow to equity, subject to distributable reserves requirements. 
  • The first payment will be made in October 2024 based on H1 2024. 

You can request shares based on the available withdrawable cash reflected in your wallet.

IPO shares are not guaranteed. xCube will process your subscription request but has no control over the final share allocation.

The investment banks handling the IPO issue on behalf of the issuer decide the allocation of the IPO.

The final number of shares you received are reflected immediately in your portfolio on the allocation date. You will receive a refund for unallocated shares.

Fees for IPO Subscription are usually determined by the investment bank handling the IPO.

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