{"id":617126,"date":"2024-03-17T00:00:00","date_gmt":"2024-03-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/dubais-first-ipo-of-the-year-was-165x-oversubscribed\/"},"modified":"2024-03-17T00:00:00","modified_gmt":"2024-03-17T00:00:00","slug":"dubais-first-ipo-of-the-year-was-165x-oversubscribed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/dubais-first-ipo-of-the-year-was-165x-oversubscribed\/","title":{"rendered":"Dubai\u2019s first IPO of the year was 165x oversubscribed"},"content":{"rendered":"

Dubai\u2019s public <\/strong>parking operator <\/strong>Parkin<\/a><\/strong> raised A<\/strong>ED 1.57 bn (c. USD 429 mn) from its IPO<\/strong>, with over AED 259 bn in orders from local, regional, and international investors at the close of the offering period, according to a statement (pdf)<\/a>. The order book was 165x oversubscribed, breaking the Dubai Financial Market record for oversubscription, the company said. Dubai Taxi most recently set that record<\/a> when it went public in December.<\/p>\n

Share price set:<\/strong> The company set its final IPO price at the top of its initial price range at AED 2.1 per share. <\/p>\n

Shares will start trading on the DFM on Thursday, 21 March<\/strong>,under the ticker PARKN.<\/p>\n

ICYMI-<\/strong>Dubai\u2019s Road and Transport Authority<\/a> launched Parkin in January<\/a>, just a few months after saying it would go public with its taxi and parking assets. The company takes care of the design and management of public and private parking spaces in the emirate and issuing parking permits.<\/p>\n

Advisors:<\/strong> Rothschild & Co\u2019s Middle East division is the independent financial advisor, while our friend at HSBC are joint global coordinators alongside Emirates NBD, Goldman Sachs, and Abu Dhabi Commercial Bank. Our friends at EFG Hermes UAE FAB are joint bookrunners. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

31,316<\/p>\n<\/td>\n

\n

+1.0% (YTD: +25.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.77<\/p>\n<\/td>\n

\n

Sell 47.90<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 47.75<\/p>\n<\/td>\n

\n

Sell 47.85<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,729<\/p>\n<\/td>\n

\n

0.0% (YTD: +6.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,221<\/p>\n<\/td>\n

\n

-0.4% (YTD: -3.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,262<\/p>\n<\/td>\n

\n

-0.7% (YTD: +5.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,117<\/p>\n<\/td>\n

\n

-0.7% (YTD: +7.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,727<\/p>\n<\/td>\n

\n

-0.2% (YTD: -0.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,986<\/p>\n<\/td>\n

\n

-0.1% (YTD: +10.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 85.34<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 1.66<\/p>\n<\/td>\n

\n

-4.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,156<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 66,109<\/p>\n<\/td>\n

\n

-3.3% (YTD: +57.0%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 1.0% at Thursday\u2019s close<\/strong> on turnover of EGP 4.5 bn (6.7% below the 90-day average). Local investors were net buyers. The index is up 25.8% YTD.<\/p>\n

In the green: <\/strong>GB Corp (+10.0%), Edita (+5.0%), and Delta Sugar (+3.8%).<\/p>\n

In the red: <\/strong>Egypt Kuwait Holding (-7.7%), E-Finance (-3.2%), and Juhayna (-2.1%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai\u2019s public parking operator Parkin raised AED 1.57 bn (c. USD 429 mn) from its IPO, with over AED 259 bn in orders from local, regional, and international investors at the close of the offering period, according to a statement (pdf). The order book was 165x oversubscribed, breaking the Dubai Financial Market record for oversubscription, […]<\/p>\n","protected":false},"author":1,"featured_media":617127,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,78,1260,122,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-617126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-mena-ipos","tag-planet-finance","tag-uae","wpautop","entry"],"acf":{"mongo_id":"c1483800-9d08-43c7-a005-08f5d79e24a0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1299.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dubai\u2019s first IPO of the year was 165x oversubscribed","related_issue":[617103],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.e21d6825-e489-46d0-9d3a-6346ceb3d9d0.mp3"},"yoast_head":"\nDubai\u2019s first IPO of the year was 165x oversubscribed - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/dubais-first-ipo-of-the-year-was-165x-oversubscribed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dubai\u2019s first IPO of the year was 165x oversubscribed\" \/>\n<meta property=\"og:description\" content=\"Dubai\u2019s public parking operator Parkin raised AED 1.57 bn (c. 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The order book was 165x oversubscribed, breaking the Dubai Financial Market record for oversubscription, […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/dubais-first-ipo-of-the-year-was-165x-oversubscribed\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-17T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1299.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/dubais-first-ipo-of-the-year-was-165x-oversubscribed\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/dubais-first-ipo-of-the-year-was-165x-oversubscribed\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Dubai\u2019s first IPO of the year was 165x oversubscribed\",\"datePublished\":\"2024-03-17T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/dubais-first-ipo-of-the-year-was-165x-oversubscribed\/\"},\"wordCount\":309,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/dubais-first-ipo-of-the-year-was-165x-oversubscribed\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1299.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Financial Markets\",\"IPO watch\",\"MENA IPOs\",\"Planet Finance\",\"UAE\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/dubais-first-ipo-of-the-year-was-165x-oversubscribed\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/dubais-first-ipo-of-the-year-was-165x-oversubscribed\/\",\"name\":\"Dubai\u2019s first IPO of the year was 165x oversubscribed - 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The company listed a total of 624.8 mn shares in its IPO on the Dubai Financial Market (DFM). Offering could\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1139.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549671,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/everyone-wants-a-piece-of-salik\/","url_meta":{"origin":617126,"position":2},"title":"Everyone wants a piece of Salik","author":"enterpriseam admin","date":"26 September 2022","format":false,"excerpt":"Salik IPO more than 49x oversubscribed: Dubai\u2019s toll gate operator pulled in over USD 50 bn of orders during the subscription period for its market debut, according to a statement (pdf) to the Dubai Financial Market. 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