2024-03-12 18:11:06
Dubai (Etihad)
Parkin Company announced today an increase in the number of shares allocated to individual investors in the UAE from its initial public offering (“IPO” or “offering”) in response to strong demand from individual investors in the UAE.
The number of shares allocated to individual investors in the UAE was increased from 74,970,000 to 89,964,000 ordinary shares following the approval of the Securities and Commodities Authority.
Based on the previously announced price range of AED 2.00 to AED 2.10 per share, the value of the shares allocated to the individual investor segment will now range between approximately AED 179.93 million and AED 188.92 million, representing 12% of the initial offering size compared to the announced 10%. The offering size remained unchanged at 749,700,000 ordinary shares, representing 24.99% of the company’s total issued capital. After increasing the allocation for the individual offering in the UAE, 659,736,000 ordinary shares will be allocated to the segment of qualified investors, instead of 674,730,000 ordinary shares, representing 88% of the offering shares, compared to the previously announced 90%.
The subscription periods remain the same, as subscriptions are closed to individual investors in the United Arab Emirates today, March 12, 2024, and tomorrow for the offering to qualified investors.
It is expected that “Parkin” shares will begin trading on the Dubai Financial Market on March 21, 2024, under the symbol “Parkin” and the international identification number AEE01370P249.
Rothschild & Co. Middle East Limited was appointed as the independent financial advisor.
Emirates NBD Capital PJSC, Goldman Sachs International and HSBC Bank Middle East Limited have been appointed as joint global coordinators and joint bookrunners.
Abu Dhabi Commercial Bank PJSC, EFG Hermes Emirates Limited (jointly with EFG Hermes Emirates LLC) and First Abu Dhabi Bank PJSC have also been appointed as joint bookrunners.
Emirates NBD Bank PJSC was appointed as the main bank receiving the subscription applications. Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Al Mariah Local Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank PJSC, Mashreq Bank, and Wyo were also appointed. Banks, such as banks receiving subscription requests.
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