Dubai – Mubasher: Parkin Company has concluded the bookbuild process for its initial public offering (IPO), setting the final offer price at AED 2.10 per share.
The transaction will result in AED 1.57 billion ($428.69 million) of gross proceeds for Dubai Investment Fund, according to a press release.
The company will float a total of 749.70 million shares, accounting for 24.99% of its total issued share capital.
The offering witnessed record-breaking interest with total gross demand for the IPO of AED 259 billion ($71 billion) at the final offer price, implying an oversubscription level of 165 times for all tranches combined at the final offer price.
This marked the highest-ever oversubscription level achieved on the Dubai Financial Market (DFM).
The qualified investor tranche attracted exceptional demand across the globe of over AED 230 billion ($63 billion) implying an oversubscription level of 166 times at the final offer price.
Meanwhile, the retail offering saw tremendous appetite from local investors with a demand of nearly AED 29 billion ($8 billion), implying oversubscription levels of around 153 times and almost 63,000 applications received.
Mohamed Al Ali, CEO of Parkin, said: “As a critical infrastructure to Dubai, we operate at the centre of the city’s exciting and ambitious growth plans.”
“The IPO will enable us to build on and accelerate our success in providing seamless, sustainable, and innovative mobility solutions across the Emirate,” the CEO added.
Parkin is expected to commence trading on the DFM on 21 March 2024, under the symbol PARKIN. At listing, the company’s market cap will stand at AED 6.30 billion ($1.72 billion).
Earlier this week, Parkin raised the number of its shares offered to 89.96 million ordinary shares from 74.97 million.
