Dubai-based company Parkin Co. on Tuesday set the price of Dh2 to Dh2.10 per share for the initial public offering.
The company aims to raise Dh1.57 billion through the IPO, which was launched on Tuesday, Bloomberg reported.
The subscription for the IPO will close on March 12 for retail investors and a day later for institutional investors.
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The company is aiming to list its shares on the Dubai Financial Market on March 21.
On February 27, Parkin announced its intention to float 24.99 per cent or 749.7 million shares on the Dubai Financial Market.
The parking space operator will be the first company to launch an IPO in 2024 in Dubai.
Five per cent of the shares will be reserved for the Emirates Investment Authority and five per cent for the Pensions and Social Security Fund of Local Military Personnel.
Retail investors will get an opportunity to buy 10 per cent of the stock float and be guaranteed to receive up to 2,000 shares apiece. Emirates NBD Bank is the lead receiving bank of the IPO.
The minimum application size for the retail tranche is Dh5,000 and thereafter in increments of Dh1,000 apiece, according to the prospectus.