Page 113 - AAE GENERAL REPORT - March 2024

of Parkin, the largest provider of paid parking facilities and services in Dubai, on the
Dubai Financial Market (DFM). EFG Hermes acted as a Joint Bookrunner on the
transaction.

Parkin offered a total of 24.99% of its total issued share capital through the sale of
749,700,000 existing shares at AED 2.10 per share, implying a market capitalization of
AED 6.30 billion (USD 1.72 billion).

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 Exchange (MSX), the largest Omani IPO in over
two decades. It also advised on the IPO of ADES Holding Company on the Saudi
Exchange, as well as the successful IPOs of ADNOC L&S and ADNOC Gas Plc on the

https://hashtagdubai.org/index.php/2024/03/21/efg-hermes-completes-advisory-on-usd-428-7-
million-ipo-of-parkin-on-the-dfm/