Parkin’s $429m IPO oversubscribed 165 times

Parkin’s $429m IPO oversubscribed 165 times

Image courtesy: Fraser Hall/ Getty Images Investors put in about $71bn (Dhs259bn) of orders for Dubai public parking firm Parkin’s $428.7m (Dhs1.57bn) initial public offering as demand for share sales in the Middle East shows no signs of abating. Parkin’s IPO was oversubscribed 165 times, the parking company said in a statement, after it increased the number of shares allocated to retail investors on robust investor demand and oversubscription. The UAE retail offering witnessed robust demand from local investors at Dhs29bn, implying an oversubscription level of 153 times, while the qualified investor tranche was attracted 166 times with more than Dhs230bn. Dubai Investment Fund floated 749,700,000 shares, equivalent to 24.99 per cent of Parkin’s paid-up capital. The fund set the final price for its IPO at Dhs2.1 ($0.57) per share, which implies a market capitalisation of Dhs6.3bn. “Today represents a milestone moment for our business as we secured record-breaking investor demand for Parkin shares with overall subscriptions covered 165 times. The IPO will enable us to build on and accelerate our success in providing seamless, sustainable, and innovative mobility solutions in Dubai,” said Mohamed Al Ali, the CEO of Parkin. The company’s shares will be listed on