Dubai’s $429 Million Parking IPO Sells Out Within Minutes (1)

The Dubai government’s latest initial public offering sold out as soon as books opened, with investors rushing to snap up shares in the city’s public-parking business.

Books for the listing of Parkin Co. PJSC, which could raise as much as 1.57 billion dirhams ($429 million), were covered across the price range within minutes of opening for subscriptions on Tuesday, according to terms of the deal obtained by Bloomberg show.

The price range for Parkin was set at 2 dirhams to 2.10 dirhams per share, valuing the firm at as much as $1.7 billion, according to a statement. The Dubai ...