Dubai’s Parkin Gets $71 Billion in Demand for $429 Million IPO
- Parkin IPO price set at 2.10 dirhams per share, top of range
- Parkin is the Dubai government’s latest privatization
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Parkin Co. PJSC received $71 billion of orders for its $429 million Dubai initial public offering, underscoring the continued strong demand for share sales in the Persian Gulf.
The IPO of the city’s parking business was 165 times covered, according to a statement on Thursday. The final price was set at 2.10 dirhams per share, the top of a marketed range, valuing Parkin at $1.7 billion. The Dubai Investment Fund sold 749.7 million shares, or a 25% stake, in the IPO.