Page 110 - AAE GENERAL REPORT - March 2024

The IPO captured the attention of investors, setting a record as the most
oversubscribed offering on the DFM, with an overall subscription of

approximately 165 times. EFG Hermes alone covered the book 44.3 times.

Recognizing the overwhelming demand from retail investors, the company
responded by augmenting the retail tranche by around 20% during the final

stages of bookbuilding.

Karim Galal, Managing Director of Investment Banking at EFG

Hermes, an EFG Holding company, commented, “The resounding success
of Parkin’s IPO as the most ever oversubscribed offering on the DFM

underscores the unwavering confidence investors have in Dubai’s burgeoning

market and Parkin’s strong position within it. Leveraging our robust sales
capabilities, EFG Hermes orchestrated a swift and comprehensive

bookbuilding process, covering the entire book within mere hours. As a key

member of the syndicate, alongside two international banks and four regional
banks, our contribution was pivotal in achieving this milestone. Our team’s

expertise and dedication ensured that Parkin stood out to investors as an

attractive infrastructure play on Dubai’s promising economic growth
trajectory.”

Parkin is the largest provider of paid parking facilities and services in Dubai.

The company has the exclusive right to operate all paid public on-street

parking, public off-street parking, and public multi-story car parks in the
Emirate. With a track record spanning almost three decades, the Parkin team

currently operates approximately 197,000 paid parking spaces at strategic

locations across Dubai, providing a superior customer experience.

This transaction is the latest in a series of landmark deals the Firm has

advised on in the GCC region over the years, advising on eight IPOs in 2023
alone. This included advisory on the IPO of Dubai Taxi Company on the Dubai

Financial Market (DFM) and OQ Gas Networks on the Muscat Stock

https://www.iheartemirates.com/news/efg-hermes-completes-advisory-on-usd-428-7-million-ipo-
of-parkin-on-the-dfm