Parkin Company PJSC has reacted swiftly to the remarkable surge in retail investor interest in the UAE, announcing an adjustment to its initial public offering (IPO) allocation. The Securities and Exchange Authority (SCA) has approved an increase in shares offered to retail investors, reflecting the unprecedented demand.
Originally set at 74,970,000 ordinary shares, the UAE Retail Offer has been expanded to 89,964,000 shares due to overwhelming subscription levels. This move aims to accommodate the significant interest shown by retail investors in securing a stake in Parkin’s future.
At the previously announced price range of AED 2.00 to AED 2.10 per share, the Retail Tranche is now valued between approximately AED 179.93 million and AED 188.92 million, representing 12 percent of the Offer Shares.
The total offering size remains unchanged at 749,700,000 ordinary shares, accounting for 24.99 percent of the company’s total issued share capital. Consequently, the Qualified Investor Tranche will receive 659,736,000 shares, representing 88 percent of the Offer Shares.
The subscription period for the offering remains on schedule, closing today, March 12, 2024, for UAE Retail Investors, and tomorrow, March 13, 2024, for Qualified Investors.
Parkin is poised to commence trading on the Dubai Financial Market (DFM) on March 21, 2024, under the symbol “PARKIN” and ISIN AEE01370P249. This adjustment underscores Parkin’s commitment to accommodating retail investor demand while maintaining a balanced offering structure.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
14th March, 2024
