Dubai – Mubasher: Parkin Company increased the number of its shares offered in its initial public offering (IPO) following a high level of oversubscription and demand from retail investors.

Following the approval of the Securities and Exchange Authority (SCA), the UAE Retail Offer has been increased to 89.96 million ordinary shares from 74.97 million ordinary shares.

Based on the previously announced price range of AED 2 to AED 2.10 per share, the size of the Retail Tranche will now be between nearly AED 179.93 million and around AED 188.92 million. This represents 12% of the offer shares, compared to the 10% previously unveiled.

Meanwhile, the total offering size remains unchanged at 749.70 million ordinary shares which equals 24.99% of the company’s total issued share capital.

Parkin is expected to commence trading on the Dubai Financial Market (DFM) on 21 March 2024, under the symbol PARKIN and ISIN AEE01370P249.

Rothschild & Co Middle East Limited acts as the independent financial advisor for the transaction.

Emirates NBD Capital, Goldman Sachs International, and HSBC Bank Middle East Limited have been appointed as joint global coordinators and joint bookrunners.

Abu Dhabi Commercial Bank (ADCB), EFG-Hermes UAE Limited, and First Abu Dhabi Bank (FAB) have been appointed as joint bookrunners.