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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 book building.
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 book building 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, the Parkin team currently operates approximately 197,000 paid parking spaces at strategic locations across Dubai, providing a superior customer experience.
This transaction is the latest in a series of landmark deals the Firm has advised on in the GCC region over the years, advising on eight IPOs in 2023 alone. This included advisory on the IPO of Dubai Taxi Company on the Dubai Financial Market (DFM) and OQ Gas Networks on the Muscat Stock Exchange (MSX), the largest Omani IPO in over two decades. It also advised on the IPO of ADES Holding Company on the Saudi Exchange, as well as the successful IPOs of ADNOC L&S and ADNOC Gas Plc on the Abu Dhabi Securities Exchange (ADX); IPO of Lumi Rental Company on the Saudi Exchange; Abraj Energy Services on the MSX; and Al Ansari Financial Services PJSC on the Dubai Financial Market (DFM).
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.