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