Page 125 - AAE GENERAL REPORT - March 2024
P. 125

3/25/24, 1:36 PM                       EFG Hermes completes advisory on $428.7mln IPO of Parkin on the DFM
        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.




                                                        ADVERTISING



































        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.”



      https://www.zawya.com/en/press-release/companies-news/efg-hermes-completes-advisory-on-4287mln-ipo-of-parkin-on-the-dfm-rr0s0kge  2/5
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