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17 April 2024

Dubai’s Parkin shares surge 30% in debut trading

By E247

Dubai’s Parkin shares opened 30% higher at 2.73 UAE dirhams ($0.74) in debut trading on Thursday following its IPO, which saw the final price set at the top of the range of AED2.10 per share.

The stock, which commenced trading under the symbol "PARKIN," however dipped to AED2.65 within 15 minutes, according to LSEG data. Approximately, 56 million shares were traded.

Parkin, which operates public parking spaces in the emirate, raised AED1.6 billion for the selling shareholder Dubai Investment Fund in the recent IPO. The company sold a 25% stake in the emirate’s first privatisation deal this year.
In a filing on DFM, the company said it has appointed market maker and brokerage firm xCube as its liquidity provider.