Parkin unveils price range for IPO offering

Parkin unveils price range for IPO offering

Dubai – Mubasher: Parkin Company announced the price range and start of the subscription period for its initial public offering (IPO) on the Dubai Financial Market (DFM), according to a press release.

The offering has been set between AED 2 and AED 2.10 per share, implying a market cap at listing of between AED 6 billion to AED 6.30 billion ($1.63 billion to $1.72 billion).

The Dubai Investment Fund expects to sell 749.70 million ordinary shares, equivalent to 24.99% of the total issued share capital of the company.

This will take place while reserving the right to amend the size of the offering at any time before the end of the subscription period at their sole discretion, subject to the approval of the SCA.

In case all the shares offered are sold, the size of the offering will stand at AED 1.49 billion to AED 1.57 billion ($408.28 million to $428.69 million).

Meanwhile, the final offer price is expected to be announced on 14 March 2024.

Following the Offering, and subject to the size of the Offering not being increased, the Selling Shareholder will continue to hold a stake of 75.01% of the total issued share capital of the company.

Mohamed Al Ali, CEO of Parkin, said: “With a