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Dubai’s public parking operator Parkin raised AED 1.57 bn (c. USD 429 mn) from its IPO, with over AED 259 bn in orders from local, regional, and international investors at the close of the offering period, according to a statement (pdf). The order book was 165x oversubscribed, breaking the Dubai Financial Market record for oversubscription, the company said. Dubai Taxi most recently set that record when it went public in December.
Share price set: The company set its final IPO price at the top of its initial price range at AED 2.1 per share.
Shares will start trading on the DFM on Thursday, 21 March,under the ticker PARKN.
ICYMI-Dubai’s Road and Transport Authority launched Parkin in January, just a few months after saying it would go public with its taxi and parking assets. The company takes care of the design and management of public and private parking spaces in the emirate and issuing parking permits.
Advisors: Rothschild & Co’s Middle East division is the independent financial advisor, while our friend at HSBC are joint global coordinators alongside Emirates NBD, Goldman Sachs, and Abu Dhabi Commercial Bank. Our friends at EFG Hermes UAE FAB are joint bookrunners.
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THE CLOSING BELL-
The TASI rose 0.04% on Thursday on turnover of SAR 14.4 bn. The index is up 6.4% YTD.
In the green: Wafrah (+10%), Saudi Research and Media (+10%) and Tadawul Group (+8.4%).
In the red: Morabaha Marina Financing (-4.8%), Wataniya Ins. (-4.4%) and Al Rajhi Takaful (-4.4%).
CORPORATE ACTIONS-
#1- Southern Province Cement’s BoD is giving out a SAR 91 mn dividend at SAR 0.65 per share to its shareholders for 2H 2023, it said in a disclosure to Tadawul..
#2- Pan Gulf Marketing’s BoD is proposing a 50% capital hike to SAR 75 mn through a one-for-two bonus share distribution, it said in a disclosure to Tadawul. The capital increase will help the company fortify its capital base and future plans.
#3- Osool and Bakheet Investment is distributing a SAR 20.3 mn dividend at SAR 0.3 per unit to the unitholders of Al Ma’ather REIT Fund for 2H 2023, the fund said in a disclosure to Tadawul last week.
#4- Bank Albilad has completed a share buyback of 5 mn sharesworth SAR 210.7 mnearmarked for its employee shares program, it said in a disclosure to Tadawul.
