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Parkin Increases IPO's Retail Investor Share Due to Over-subscription

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Staff Writer, TLR

Published on March 13, 2024, 11:16:11


parkin, ipo, retail, dubai, uae,

The retail portion of the Parkin IPO has been increased from 10 per cent to 12 per cent, with the Dubai-based company confirming an "exceptional level of oversubscription."

The retail subscription closed on Tuesday, March 12th. The overall size of the IPO remains at 24.9 per cent. Each investor will be allotted a minimum of 2,000 shares, although the final minimum share tally will be determined once the full extent of the oversubscription is calculated.

The IPO will close today with subscriptions raised from professional investors.

Parkin marks the UAE's first stock market float of the year, and according to banking and market analysts, it has garnered instant demand from both retail and professional investors, as well as significant interest from overseas investors.

The market is already anticipating an oversubscription of well over 100 times for Parkin, driven primarily by the retail demand that has been building up for over three months.

Based on the IPO price range of Dh2 to Dh2.10 per share, the retail tranche will now amount to between Dh179.93 million and Dh188.92 million. The total IPO size remains unchanged at 749.7 million shares, representing 24.99 per cent of the total issued share capital.

Following the increased allocation to UAE retail investors, the allocation for professional investors will be 659.73 million shares instead of the previous 674.73 million, accounting for 88 per cent of the offered shares compared to the previous 90 per cent.

The Parkin listing is scheduled for March 21st.

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