Page 136 - AAE GENERAL REPORT - March 2024

3/25/24, 1:36 PM EFG Hermes Completes Advisory on USD 428.7 Million IPO of Parkin on the DFM
EFG Hermes Completes Advisory on USD

428.7 Million IPO of Parkin on the DFM

EFG Hermes Completes Advisory on USD 428.7 Million IPO of Parkin on the DFM

The IPO set a record for the most subscribed offering on the Dubai Financial Market, with an
overall subscription of approximately 165 times.

Dubai, March 21, 2024

EFG Hermes, an EFG Holding Company and the leading investment bank in the Middle East
and North Africa (MENA), announced today that its investment banking division successfully
completed its advisory on the USD 428.7 million initial public 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.

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,

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