EFG Hermes concludes advisory on Parkin’s $428.7mln IPO on DFM

Reuters

Under the IPO, the Parkin sold 749.7 million existing shares, representing 24.99% of its entire issued share capital

Staff Writer, Arab Finance

March 21, 2024

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EFG Hermes’ investment banking division has successfully wrapped up an advisory on the $428.7 million initial public offering (IPO) of Dubai-based paid parking services provider Parkin on the Dubai Financial Market (DFM), as per an emailed press release.

Under the IPO, the Parkin sold 749.7 million existing shares, representing 24.99% of its entire issued share capital, at a price of AED 2.1 per share, indicating a market capitalization of AED 6.3 billion ($1.72 billion).

Investors were drawn to the IPO, which broke the record for the most oversubscribed offering on the DFM with a total subscription of around 165 times.

EFG Hermes served as a joint bookrunner on the transaction.

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