Mubasher: EFG Hermes, an EFG Holding Company, concluded its advisory on the $428.70 million initial public offering (IPO) of Parkin on the Dubai Financial Market (DFM), according to a press reelase.
EFG Hermes acted as a joint bookrunner on the transaction, which implied a market cap of AED 6.30 billion ($1.72 billion).
Parkin offered a total of 24.99% of its total issued share capital through the sale of 749.70 million existing shares at AED 2.10 per share.
The IPO attracted the attention of investors, marking a record as the most oversubscribed offering on the DFM, with an overall subscription of approximately 165 times.
Karim Galal, Managing Director of Investment Banking at EFG Hermes, commented: “The resounding success of Parkin's IPO as the most ever oversubscribed offering on the DFM underscores the unwavering confidence investors have in Dubai's burgeoning market and Parkin's strong position within it.”
Galal added: “Leveraging our robust sales capabilities, EFG Hermes orchestrated a swift and comprehensive bookbuilding process, covering the entire book within mere hours. As a key member of the syndicate, alongside two international banks and four regional banks, our contribution was pivotal in achieving this milestone.”
Earlier this month, Parkin set the final price for its IPO at AED 2.10 per share.
Meanwhile, the Parkin team operates nearly 197,000 paid parking spaces at strategic locations across Dubai, providing a superior customer experience.
