Parkin IPO: UAE retail offering increased on strong demand

Parkin IPO: UAE retail offering increased on strong demand

Image courtesy: KARIM SAHIB/ Getty Images Dubai’s Parkin, which oversees public parking operations in the city, has increased the number of shares allocated to retail investors for its initial public offering (IPO) on robust investor demand and oversubscription. The company increased the allocation of retail investor shares to 89,964,000 ordinary shares from 74,970,000 ordinary shares after receiving approval from the Securities and Exchange Authority. Earlier in March, Parkin set the price range for its planned IPO at Dhs2 to Dhs2.1 ($0.57) per share. Based on the indicative share price of as much as Dhs2.1 apiece, the company is set to raise Dhs188.92m from the retail tranche, equivalent to 12 per cent of the total offering. The total offering size remains unchanged at 749,700,000 shares, equivalent to 24.99 per cent of the firm’s paid-up capital. The parking firm said following the increased allocation to retail investors, the qualified investor’s tranche will decrease to 659,736,000 shares, equivalent to 88 per cent of the total offering. “The IPO will enable us to build on and accelerate our success; driving further innovation, delivering strong financial performance, and realising the potential of our growth platform to scale up and diversify,” Mohamed