Parkd shares rise on debut

Shares in newly listed Parkd finished up 25 per cent today after the Perth-based company raised $6 million through a strongly supported initial public offering.

Chaired by former Automotive Holdings Group boss Bronte Howson, the modular car park construction company listed on the ASX at 1pm AEDT today.

Parkd issued 30 million shares at 20 cents each, with the proceeds to be used to develop its lightweight concrete modular car parking system.

The system provides the ability to relocate the car park or adapt it to changing parking demands by either adding or subtracting to the structural levels of a car park.

Its current model has been designed for single or multi-rise arrangements for up to six levels, including a ground level.

Managing director Peter McUtchen said the capital raising had strong support.

“Since the signing of the company’s first commercial contract with major dealership City Subaru in Perth and completion of capital raise, Parkd has received significant levels of enquiry for the development and construction of car parks for the automotive retail, property development and broader commercial parking solutions space on a national basis,” he said

“The Parkd carpark system has been developed with new technology, with the intention that it will revolutionise the car park industry.

“It is anticipated that our technology will allow for a faster, cheaper and more flexible car parks than what is offered by current construction methods.”