KPMG advises Parkin on record-breaking IPO in Dubai

21 March 2024 Consultancy-me.com 2 min. read

Marking the first public offering of 2024 on the Dubai Financial Market, Parkin Company (Parkin) has successfully listed on the exchange following the float of a quarter of its share capital.

Trading under the symbol ‘Parkin’, the company raised AED 1,574.37 million with its initial public offering (IPO), which according to insiders close to the matter was oversubscribed by 165 times, drawing aggregate demand of AED 259 billion ($71 billion).

“With a systemic role in Dubai’s transport ecosystem, now and in the future, Parkin’s record-breaking listing on the DFM reflects great confidence in the Emirate’s long-term growth,” said Ahmed Hashem Bahrozyan, Chairman of Parkin.

KPMG advises Parkin on record-breaking IPO in Dubai

“With a near thirty-year track record in parking management, Parkin provides critical infrastructure that enables mobility to support the city’s expansion plans. As a public company, we will continue to enhance and expand our vision to provide seamless, sustainable, and innovative mobility solutions that support the ambitions of our wise leadership to make Dubai the best city to live in worldwide,” he continued.

The CEO of Parkin, Mohamed Al Ali, added: “We are proud to debut Parkin and welcome our new investors following the highest ever oversubscription level for an IPO on the stock exchange. Our record listing is testament to Parkin’s compelling equity story, operating at the centre of Dubai’s ambitious economic growth and population expansion plans.”

“With a market leading position, proven track record of innovation and well-defined growth strategy, I am confident in Parkin’s future opportunities as we continue to serve the expanding mobility needs of our customers, partners, and the city for decades to come.”

Also celebrating the record-breaking IPO are the advisors that spent months working behind the scenes on the initial public offering. This includes a team from KPMG, which provided financial advisory and IPO services to the transaction and provided counsel to the bookrunners.

“This IPO is a significant milestone for Dubai Financial Market and the Middle East’s capital markets. Working with Parkin and the leadership team from the Roads and Transport Authority (RTA) on this project was a great experience,” said Anshul A Gupta, Head of Deals at KPMG in the Lower Gulf.

This was the second time the RTA turned to KPMG for support during an IPO. Earlier, the consulting company advised on the IPO of Salik, Dubai’s exclusive toll gate operator. That IPO was also billed a major success.