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3/22/24, 10:13 AM On DFM, Parkin's stock off to 35% surge in first few minutes of trading | Markets – Gulf News
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Dubai: At its DFM listing, Parkin's stock surged over 35.2 per cent to Dh2.84,
representing another strong start for a Dubai government entity going public.

Parkin is coming off a record over subscription, including taking in 63,000 retail
investors, many of whom being first time participants in a UAE IPO. The stock was

priced at Dh2.1 for the IPO.

Market watchers say the stock will continue to see sizeable retail investor backing in

the days ahead, as they try to build on what they have already received from the

subscription process.

The Parkin's pull on debut is also showing up in heavy trades at the other RTA (Road

& Transport Authority) linked entities, Salik (which is 0.8 per cent up) and Dubai Taxi
Co. (up 0.43 per cent) by the first 15 minutes from the opening.

In the IPO, Parkin - the first by a UAE entity in 2024 - had offered 24.99 per cent of its
issued share capital by selling 749.7 million shares at Dh2.1 per share, for a market cap

of Dh6.3 billion at the time of listing. The offering drew in Dh259 billion and raising

gross proceeds of Dh1.6 billion.

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It became the most oversubscribed offering on DFM, at approximately 165 times. “The
resounding success of Parkin's IPO underscores the unwavering confidence investors

have in Dubai's burgeoning market and Parkin's strong position within it," said Karim

Galal, Managing Director of Investment Banking at EFG Hermes, which has been
advisory to the stock float.

EFG Hermes on its own covered the subscription 44.3 times. "Recognizing the
overwhelming demand from retail investors, the company responded by augmenting

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