{"id":90062,"date":"2024-03-15T00:00:00","date_gmt":"2024-03-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/first-ipo-of-the-year-was-165x-oversubscribed\/"},"modified":"2024-03-15T00:00:00","modified_gmt":"2024-03-15T00:00:00","slug":"first-ipo-of-the-year-was-165x-oversubscribed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/15\/first-ipo-of-the-year-was-165x-oversubscribed\/","title":{"rendered":"First IPO of the year was 165x oversubscribed"},"content":{"rendered":"

Car parking space manager <\/strong>Parkin<\/a><\/strong> raised AED 1.57 bn 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<\/a>. The order book was 165x oversubscribed, breaking the DFM\u2019s 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

The breakdown:<\/strong> The institutional portion of the offering was 166x oversubscribed, while the retail portion closed on Tuesday at a 153x oversubscription rate, according to the statement.<\/p>\n

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

Refresher:<\/strong> The Dubai Investment Fund is selling a 25% stake (or 749.7 mn shares) in the company on the DFM, with the final share price valuing the company at AED 6.3 bn. Dubai\u2019s Road and Transport Authority (RTA)<\/a> established Parkin in January<\/a>, just a few months after saying it would go public with its taxi and parking assets in 2023. The company designs and manages public and private parking spaces in the emirate, and issues parking permits.<\/p>\n

The IPO \u2014 part of Dubai\u2019s state privatization program \u2014 marks the first offering of the <\/strong>year in the country.<\/strong> Parkin is the sixth company to list on the Dubai bourse as part of the government\u2019s privatization plan to list 10 state-owned companies back in 2021.<\/p>\n

Advisors:<\/strong> Rothschild & Co\u2019s Middle East division is the independent financial advisor, while Emirates NBD, Goldman Sachs, and HSBC Holdings are joint global coordinators, and Abu Dhabi Commercial Bank, our friends at EFG Hermes UAE, and First Abu Dhabi Bank are joint bookrunners. Emirates NBD is the lead receiving bank of the IPO, with the Commercial Bank of Dubai, FAB, Abu Dhabi Islamic Bank, AlMaryah Community Bank, Emirates Islamic Bank, Wio Bank, and our friends at Mashreq, also acting as receiving banks.<\/p>\n

Bloomberg<\/a> <\/font><\/strong>and <\/strong>Reuters<\/a><\/strong> also had the story<\/strong>. <\/p>\n","protected":false},"excerpt":{"rendered":"

The DIF-owned company priced its IPO at AED 2.10<\/p>\n","protected":false},"author":1,"featured_media":90063,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[1560],"tags":[87,1342,1392,149,183,205],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-dubai","tag-investment","tag-ipo","tag-ipo-watch","tag-parkin","tag-privatization-watch","wpautop","entry"],"acf":{"mongo_id":"a73ac530-debb-4dcc-a9b7-eaa8a4ab3b90","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1299.jpg","photo_position":"above","homepage_title":"Parkin: 2024's first IPO","full_issue_title":"First IPO of the year was 165x oversubscribed","related_issue":[90058],"teaser":"The DIF-owned company priced its IPO at AED 2.10","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.b99a5f35-3cef-4bdd-9a16-1ab14d9675e0.mp3"},"yoast_head":"\nFirst IPO of the year was 165x oversubscribed - 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