2024-03-12 00:00:00
The subscription period for Parkin shares on the Dubai Financial Market for individual investors in the UAE ends today, Tuesday. It will continue for the segment of qualified investors until tomorrow (March 13). The company opened subscription for the two tranches on March 5th.
The final guaranteed minimum allocation for each subscriber in the first tranche is determined at the end of the subscription period based on the total number of subscribers in the first tranche and the offering price. The price range for Parkin shares was set between 2 and 2.10 dirhams per share, which means that the market value when listing the value of the shares ranged between six billion dirhams and 6.30 billion dirhams.
The final offering price will be determined through the book-building process, and investors participating in the retail offering will subscribe to the shares at the offering price.
Moreover, as part of the offering to qualified investors, and in accordance with both the UAE Companies Law and Dubai Law, up to 5% of the offering shares will be reserved for the Emirates Investment Fund, and 5% of the offering shares will be reserved for the Local Military Pension and Social Security Fund.
It is currently expected that the offering and listing processes will be completed on March 21.
All shares are outstanding shares owned by Dubai Investment Fund, as the selling shareholder. The company will not receive any proceeds from the offering. Following the offering, subject to the size of the offering not increasing following the subscription, the selling shareholder will continue to own 75.01% of the total issued capital of the company.
The Dubai Investment Fund expects to sell 749.7 million ordinary shares, which represents 24.9% of the company’s total issued capital, with the Fund reserving the right to amend the size of the offering at any time before the end of the subscription period in accordance with their absolute discretion and applicable laws and following the approval of the Securities and Commodities Authority.
Assuming the sale of all offered shares, the offering size will be between 1.49 billion dirhams and 1.57 billion dirhams. The final offer price is expected to be announced on March 14, 2024.
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