Serrari Group

EFG Hermes Concludes Advisory on Parkin's Landmark $428.7 Million IPO on DFM

EFG Hermes’ investment banking division has successfully concluded its advisory role in the groundbreaking $428.7 million initial public offering (IPO) of Parkin, a prominent Dubai-based provider of paid parking services. This milestone event signals a significant achievement in the region’s financial landscape.

Parkin opted to offer 749.7 million existing shares, constituting 24.99% of its total issued share capital, at a price of AED 2.1 per share. This pricing strategy led to a market capitalization of AED 6.3 billion ($1.72 billion), positioning Parkin for future growth and expansion.

Investors exhibited strong interest in Parkin’s IPO, resulting in an oversubscription rate of approximately 165 times, a record-breaking figure in the history of the Dubai Financial Market (DFM). This overwhelming response underscores investors’ confidence in Parkin’s business model and growth prospects.

EFG Hermes, serving as a joint bookrunner on the transaction, leveraged its extensive expertise and industry knowledge to navigate the complexities of the IPO process. The successful conclusion of Parkin’s IPO highlights EFG Hermes’ commitment to delivering strategic advisory services and facilitating value-enhancing transactions in the region’s financial markets.

As Parkin transitions into a publicly listed company, it is poised to capitalize on new opportunities and solidify its position as a leader in the parking services sector. This IPO not only marks a significant milestone for Parkin but also reflects the resilience and vibrancy of the Middle East’s capital markets.

About EFG Hermes:

EFG Hermes is a leading financial services corporation operating across the Middle East, North Africa, Europe, and the United States. With a distinguished track record spanning over four decades, EFG Hermes is renowned for its expertise in investment banking, asset management, securities brokerage, research, and private equity.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

22nd March, 2024

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