Dubai, UAE – Parkin Company on Tuesday announced an increase in the number of shares offered in the UAE Retail Offer of its initial public offering (IPO) following an exceptional level of over-subscription and demand from retail investors.
Following the approval of the Securities and Exchange Authority (SCA), the UAE Retail Offer has been increased to 89,964,000 ordinary shares from 74,970,000 ordinary shares.
Based on the previously announced price range of AED 2.00 to AED 2.10 per share, the size of the Retail Tranche will now be between c. AED 179.93 million ($48.58 million) and c. AED 188.92 million ($51.07 million), representing 12 percent of the Offer Shares, compared to the 10 percent previously announced.
The total offering size remains unchanged at 749,700,000 ordinary shares representing 24.99 percent of the company’s total issued share capital. Following the increased allocation to the UAE Retail Offer, the Qualified Investor Tranche will be allocated 659,736,000 shares, instead of 674,730,000 ordinary shares, representing 88 percent of the Offer Shares, compared to the 90 percent previously announced.
The subscription period of the Offering remains unchanged: March 12, 2024 for UAE Retail Investors and March 2024 for Qualified Investors.
Parkin is expected to commence trading on the DFM on March 21, 2024, under the symbol “PARKIN” and ISIN AEE01370P249