EFG Hermes, a subsidiary of EFG Holding and a premier investment bank in the MENA region, has successfully advised on Parkin’s $428.7m IPO on the Dubai Financial Market (DFM), serving as a Joint Bookrunner.
Parkin, Dubai’s leading paid parking provider, floated 24.99% of its shares by selling 749.7 million shares at AED 2.10 each, resulting in a market capitalization of AED 6.3bn ($1.72bn).
The IPO set a DFM record for oversubscription, attracting bids 165 times the offering size, with EFG Hermes covering the book 44.3 times. To accommodate high retail interest, Parkin increased the retail tranche by 20% during bookbuilding.
Karim Galal, Managing Director of Investment Banking at EFG Hermes, stated: “Parkin’s IPO’s unprecedented oversubscription on the DFM reflects investor confidence in Dubai’s market and Parkin’s market dominance. EFG Hermes facilitated a rapid bookbuilding, significantly contributing to the IPO’s success as part of the syndicate with two international and four regional banks.”
Parkin operates all paid public parking in Dubai, managing nearly 197,000 spaces and delivering exceptional customer service.
This IPO adds to EFG Hermes’s track record of landmark GCC deals, including eight IPOs in 2023, such as Dubai Taxi Company on DFM, OQ Gas Networks on MSX, ADES Holding on the Saudi Exchange, and others.
