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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

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Parkin IPO price AED2-2.1

On listing, Parkin will have a market capitalization of $1.72bn. (Parkin)
  • It also announced the start of the subscription period for the IPO on the Dubai Financial Market (DFM).
  • The Dubai Investment Fund (selling shareholder) expects to sell more than 749 million ordinary shares.

Dubai, UAE — Dubai parking provider Parkin Tuesday has set price range for its IPO between AED2 and AED2.10 per share, implying a market capitalization between AED 6 billion and AED 6.30 billion ($1.63bn and $1.72bn).

It also announced the start of the subscription period for the IPO on the Dubai Financial Market (DFM).

The Dubai Investment Fund (selling shareholder) expects to sell more than 749 million ordinary shares, representing 24.99 percent of the Company’s total issued share capital.

The Fund reserves the right to amend the size of the offering at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and the approval of the Securities and Commodities Authority.

Assuming all the shares offered are sold, the size of the offering will be approximately AED1.49 billion to AED1.57 billion ($408.28 million and $428.69 million). The final offer price is expected to be announced on 14 March 2024.

All the shares are existing shares held by the Dubai Investment Fund as the selling shareholder. The company will not receive any proceeds from the offering. Following the offering, and subject to the size of the offering not being increased, the Dubai Investment Fund will continue to hold a stake of 75.01 percent of the total issued share capital of the company.

The offering will comprise of a public offering (UAE Retail Offering) to individual and other investors in the UAE (the first tranche) and an offering to professional investors and other investors in a number of countries, including in the UAE, outside the United States of America in reliance on Regulation S (the second tranche).

Five percent of the offering will be reserved for offer to the Emirates Investment Authority (EIA), and five percent of the offering will be reserved for offer to the pensions and social security fund of local military personnel.

The UAE retail offering subscription period is expected to run from 5th March 2024 to 12th March 2024, with the second tranche subscription period expected to run from 5th March 2024 to 13th March 2024.

The Offer Price will be determined through, and following, a book building process. Investors participating in the UAE Retail Offering will subscribe for the Shares at the Offer Price.