2024-03-11 09:12:48
normal
March 11, 2024
13:12 pm
Tomorrow is the last day for individuals to subscribe to “Parkin”
Dubai: “The Gulf”
The subscription period for Parkin shares on the Dubai Financial Market ends on March 12, 2024, for individual investors in the United Arab Emirates, while it continues for the segment of qualified investors until March 13. The company opened subscription for the two tranches on March 5.
Each subscriber in the first tranche is guaranteed a minimum allocation of up to 2,000 shares, taking into account the total number of shares allocated in accordance with the guaranteed minimum allocation in the first tranche, which does not exceed the total number of shares available in the first tranche, and therefore it might be less than 2,000 shares.
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.
Price range
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 ranges from 6 billion dirhams to 6.30 billion dirhams.
The final offering price will be determined through a book-building process. Investors participating in the retail offering in the UAE will subscribe to the shares at the offering price.
The offering and listing acceptance processes are currently expected to be completed in March 2024.
749.7 million shares
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 Commission. And goods.
Assuming the sale of all offered shares, the size of the offering will be approximately 1.49 billion dirhams to 1.57 billion dirhams. The final offer price is expected to be announced on March 14, 2024.
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.
Underwriting process
The Offering consists of a public offering (the Individual Investors Offering) to individual subscribers and other investors in the UAE (as described in the prospectus and hereinfollowing referred to as the First Tranche Subscribers), and an offering intended for qualified investors and other investors in a number of countries, including the UAE. United Arab Emirates, excluding the United States of America, in accordance with the regulations (offering to qualified investors, referred to as the second tranche subscribers).
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.
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