Parkin ups retail share offering amid big investor demand
DUBAI, March 13, 2024
Parkin, the largest provider of paid parking facilities in Dubai, has announced that it has increased the number of shares offered in the UAE retail tranche of its initial public offering (IPO) following an overwhelming response and an exceptional level of oversubscription from retail investors.
The Parkin move comes following the go-ahead from the Securities and Exchange Authority (SCA).
Based on the previously announced price range of AED2 to AED2.1 per share, the size of the retail tranche will now be between AED179.93 million ($49 million) and AED188.92 million ($51.4 million), representing 12% of the Offer shares, compared to the previously announced 10%.
However, Parkin calrified that the total offering size remains unchanged at 749,700,000 ordinary shares representing 24.99% of the company’s total issued share capital.
Following the increased allocation to the UAE Retail Offer, the qualified investor tranche will be allocated 659,736,000 shares, instead of 674,730,000 ordinary shares, representing 88% of the Offer shares, compared to the 90% previously announced, it stated.
The subscription period of the Offering too remains unchanged, with the offer for UAE retail investors closing yesterday and for qualified investors closing today (March 13).
Parkin is expected to start trading on the Dubai bourse DFM on March 21, under the symbol 'PARKIN'.
For the IPO, Rothschild & Co Middle East Limited acted as the independent financial advisor, while Emirates NBD Capital, Goldman Sachs International and HSBC Bank Middle East Limited were the joint global co-ordinators and joint bookrunners.
Abu Dhabi Commercial Bank, EFG-Hermes UAE Limited (acting in conjunction with EFG Hermes UAE) and First Abu Dhabi Bank are the joint bookrunners.
For the transaction, Emirates NBD Bank is the lead receiving bank, while Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Maryah Community Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, Mashreq Bank and Wio Bank have also been appointed as receiving banks.-TradeArabia News Service
