Parkin increases allocation of retail investor shares in IPO

Parkin increases allocation of retail investor shares in IPO

Following the approval of the Securities and Exchange Authority (SCA), the UAE Retail Offer has been increased to 89,964,000 ordinary shares from 74,970,000 ordinary shares.

Parkin has announced an increase in the number of shares offered in the UAE Retail Offer of its initial public offering (IPO) following an exceptional level of over-subscription and demand from retail investors.

Based on the previously announced price range of AED 2.00 to AED 2.10 per share, the size of the Retail Tranche will now be between AED179.93m ($49m) and AED188.92m ($51m), representing 12 per cent of the Offer Shares, compared to the 10 per cent previously announced.

Parkin IPO

The total offering size remains unchanged at 749,700,000 ordinary shares representing 24.99 per cent of the company’s total issued share capital.

Following the increased allocation to the UAE Retail Offer, the Qualified Investor Tranche will be allocated 659,736,000 shares, instead of 674,730,000 ordinary shares, representing 88 per cent of the Offer Shares, compared to the 90 per cent previously announced.

The subscription period of the Offering remains unchanged, closed On Tuesday, March 12 for UAE Retail Investors and Wednesday, March 13 for Qualified Investors.

Parkin is expected to commence trading on the DFM on March 21 2024, under the symbol “PARKIN”.