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Modular car-park maker Parkd is up 22.5 per cent in its ASX debut today after raising $6 million in an initial public offering.

The Perth-based pre-fab builder is working to solve parking frustrations in major cities, where they can turn unused commercial real estate into multi-storey car parks in a quarter of the usual building time using pre-made concrete blocks.

Parkd (ASX:PKD) raised $6 million at an offer price of 20c to develop the system and roll it out, starting with a car dealership in Perth.

Shares in the company were trading at 24.5c by the afternoon, to give a market cap of $18.74 million.

The IPO was two times oversubscribed, said managing director Peter McUtchen.

“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.”

The company will initially target car dealerships, leveraging the experience of chairman Bronte Howson, former head of $1.2 billion Automotive Holdings Group, before moving on to large construction projects and CBD landholders.

Founder Peter McUtchen says the blocks can be deconstructed, relocated and reused in new locations with flexibility to add or remove levels in response to demand.

“With only three primary elements, the Parkd System is easy to install by contracted builder and designed to be assembled in a variety of configurations, and that means our system is easily scalable across Australia,” he said.

And the technology doesn’t only apply to car parks.

“It is a structural solution, not car-specific, and could work for any structure that needs a large open space like storage, industrial or commercial space or even a leisure centre,” the former construction engineer told Stockhead.