PARKIN COMPANY PJSC COMPLETES RECORD-BREAKING IPO, RAISING AED 1.6 BILLION (USD 429 MILLION) WITH OFFERING 165 TIMES OVERSUBSCRIBED

PARKIN COMPANY PJSC COMPLETES RECORD-BREAKING IPO, RAISING AED 1.6 BILLION (USD 429 MILLION) WITH OFFERING 165 TIMES OVERSUBSCRIBED

• Parkin Company P.J.S.C. (the “Company” or “Parkin”) confirms the Final Offer Price for its shares has been set at AED 2.10, resulting in a market capitalisation at listing of AED 6.30 billion (c. USD 1.72 billion) 
• Record-breaking demand of c. AED 259 billion (c. USD 71 billion) for Parkin shares from local, regional, and international investors, with the IPO oversubscribed by c. 165 times in aggregate, representing the highest ever oversubscription level achieved on the DFM
• Exceptional institutional interest from the global investor community resulting in a c. 166 times oversubscription level for the Qualified Investor Offering
• Extremely strong retail investor demand within the UAE, driving a c. 153 times oversubscription level for the Retail Offering and a record number of applications received for a DFM IPO
• Record oversubscription levels are testament to the clear confidence of the investor community in Parkin’s attractive equity story and growth potential, underpinned by Dubai’s ambitious economic development and population expansion plans
• The IPO of Parkin represents another landmark milestone for the Government of Dubai and the Dubai Financial Market (“DFM”)
• Parkin is expected to commence trading on the DFM on 21 March 2024 under the symbol “PARKIN”. 
Dubai, UAE, 14 March 2024: Parkin