Dubai Government to Offer 25% Stake in Public Parking IPO

The Dubai government plans to sell a 25% stake in the city’s public parking business in an initial public offering, pushing ahead with a privatization plan to boost its capital markets.

The Dubai Investment Fund will sell 749.7 million shares in Parkin, according to a statement. Subscription period will open on March 5 and is expected to close March 12. The bookbuilding period for institutional investors will close on March 13.

Parkin’s IPO comes about two months after Dubai raised $315 million from the listing of the city’s taxi business. The share sales are part of a plan unveiled ...