Dubai to List Public Parking Business as Population Surges
- The government will sell 749.7 million shares in Parkin
- Emirate has sold stakes in five companies in last two years
The energy-rich Persian Gulf has been in the midst of an IPO boom for the last two years as governments listed state-owned companies to raise funds for a post-oil era.
Photographer: Hollie Adams/BloombergThe Dubai government plans to sell a 25% stake in the city’s public parking business in an initial public offering, as it seeks to capitalize on the emirate’s expanding population.
The Dubai Investment Fund will sell 749.7 million shares in Parkin Company PJSC, according to a statement on Tuesday. The subscription period will open on March 5 and is expected to close on March 12. The bookbuilding period for institutional investors will close on March 13.