Page 129 - AAE GENERAL REPORT - March 2024

3/25/24, 1:36 PM EFG Hermes completes advisory on $428.7m IPO of Parkin on the DFM | Corporate-news – Gulf News
offering (IPO) 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, said the company.
Parkin offered a total of 24.99% of its total issued share capital through the sale of

749,700,000 existing shares at Dh2.10 per share, implying a market capitalization of

Dh 6.30 billion ($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 book building.

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 book building 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

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