The price range for the Offering has been set between AED 2.00 and AED 2.10 per share, implying a market capitalisation at listing of between AED 6.00 billion to AED 6.30 billion (c. $1.63 billion to c. $1.72 billion)[1]

The subscription period for the Offering starts today and is expected to close on 12 March 2024 for UAE Retail Investors and on 13 March 2024 for Qualified Investors 

The final offer price per share (the “Offer Price”) will be determined through a book building process and is expected to be announced on 14 March 2024

Each subscriber in the First Tranche will be guaranteed a minimum allocation of up to 2,000 Shares, subject to the total number of shares allocated pursuant to the minimum guaranteed allocation in the First Tranche not exceeding the total number of shares available in the First Tranche, and could therefore be lower than 2,000 Shares 

Admission of the Shares to trading on the DFM is expected on or around 21 March 2024 

The Internal Sharia Supervision Committee of Emirates NBD Bank PJSC has issued a Shariah pronouncement confirming that, in its view, the Offering is compliant with Shariah principles
 
Dubai, UAE: Parkin, the largest provider of paid parking facilities and services in Dubai, today announces the price range and start of the subscription period for its IPO on the DFM.

Eng. Mohamed Al Ali, CEO of Parkin, said: “With a track record spanning almost three decades, Parkin delivers best-in-class parking management capabilities and solutions in line with Dubai's economic, urbanization and social ambitions. We provide a critical infrastructure to the Emirate with a systemic role in enabling mobility to support the city’s expansion plans. As Dubai continues to grow, our company will grow with it. The IPO will enable us to build on and accelerate our success; driving further innovation, delivering strong financial performance, and realizing the potential of our growth platform to scale up and diversify. Testament to our attractive equity story, we are pleased to have received strong interest from investors following our intention to float on the DFM. At Parkin, we are steadfast in our commitment to delivering value to all our stakeholders and shaping the future of our industry for years to come. ”
 
DETAILS OF THE OFFER PRICE RANGE
The price range for the Offering has been set between AED 2.00 and AED 2.10 per share, implying a market capitalisation at listing of between AED 6.00 billion to AED 6.30 billion (c. $1.63 billion to c. $1.72 billion). 

The Dubai Investment Fund (the “Selling Shareholder”) expects to sell 749,700,000 ordinary shares, representing 24.99 per cent of the total issued share capital of the Company, while reserving the right to amend the size of the Offering at any time prior to the end of the subscription period at their sole discretion, subject to applicable laws and the approval of the SCA. 

Assuming all the shares offered are sold, the size of the Offering will be approximately AED 1,499.40 million to AED 1,574.37 million (c. $408.28 million to c. $428.69 million). The final offer price is expected to be announced on March 14, 2024.

All the Shares are existing shares, held by the Dubai Investment Fund as the Selling Shareholder. The Company will not receive any proceeds from the Offering. Following the Offering, and subject to the size of the Offering not being increased, the Selling Shareholder will continue to hold a stake of 75.01 per cent of the total issued share capital of the Company.

SUBSCRIPTION PROCESS
The Offering will comprise of:

• A public offering (the “UAE Retail Offering”) to individual and other investors in the UAE (as defined in the UAE prospectus and referred to as “First Tranche” subscribers) and;

• An offering to professional investors and other investors in a number of countries, including in the UAE, outside the United States of America in reliance on Regulation S (the “Qualified Investor Offering” and referred to as “Second Tranche” subscribers)

Further, as part of the Qualified Investors Offering, and in accordance with both the Companies Law and the Dubai Law, the following will apply: 
• Five percent of the Offering will be reserved for offer to the Emirates Investment Authority (the “EIA”), and;

• Five percent of the Offering will be reserved for offer to the Pensions and Social Security Fund of Local Military Personnel (the “Fund”).

The UAE Retail Offering subscription period is expected to run from 05 March 2024 to 12 March 2024, with the Qualified Investor Offering subscription period expected to run from 5 March 2024 to 13 March 2024. 

The Offer Price will be determined through, and following, a book building process. Investors participating in the UAE Retail Offering will subscribe for the Shares at the Offer Price.

Each subscriber in the First Tranche will be guaranteed a minimum allocation of up to 2,000 Shares, subject to the total number of shares allocated pursuant to the minimum guaranteed allocation in the First Tranche not exceeding the total number of shares available in the First Tranche, and could therefore be lower than 2,000 Shares. 

The final minimum guaranteed allocation for each subscriber in the First Tranche shall be determined at the end of the subscription period based on the total number of the First Tranche subscribers and the Offer Price.

The completion of the Offering and Admission is currently expected to take place in March 2024, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of Admission to Listing and trading on the DFM.

The details of the Offering are available in the UAE Prospectus with respect to the UAE Retail Offering, and in an English-language International Offering Memorandum with respect to the Qualified Investors Offering. The UAE Prospectus and the International Offering Memorandum are available under the Key Documents section on www.parkin.ae/parkin-ipo. There is also a dedicated IPO call centre number: 800 ENBD IPO (3623 476).

Rothschild & Co Middle East Limited has been appointed as the Independent Financial Advisor.

Emirates NBD Capital PSC, Goldman Sachs International, and HSBC Bank Middle East Limited have been appointed as Joint Global Coordinators and Joint Bookrunners.

Abu Dhabi Commercial Bank PJSC, EFG-Hermes UAE Limited (acting in conjunction with EFG Hermes UAE LLC) and First Abu Dhabi Bank PJSC have been appointed as Joint Bookrunners.

Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank. Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Al Maryah Community Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank PJSC, Mashreq Bank and Wio Bank have also been appointed as Receiving Banks.

Neither HSBC Bank Middle East Limited nor any of its respective affiliates is responsible for participating in, marketing or managing any aspect of the UAE Retail Offering to natural persons.

The Internal Sharia Supervision Committee of Emirates NBD Bank PJSC has issued a Shariah pronouncement confirming that, in its view, the Offering is compliant with Shariah principles. Investors should undertake their own due diligence to ensure that the Offering is Shariah compliant for their own purposes.
 
ABOUT PARKIN COMPANY PJSC
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-storey 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. 
 
MEDIA ENQUIRIES 
Parkin Company PJSC
mediaqueries@parkin.ae 
 
FTI Consulting (as Financial Communications Advisor)
Ajith Henry, Managing Director - Strategic Communications Segment Lead for the Middle East 
Ajith.henry@fticonsulting.com / Parkin@fticonsulting.com 
 
INVESTOR RELATIONS ENQUIRIES 
Parkin Company PJSC
Max.Zaltsman@parkin.ae 

INDEPENDENT FINANCIAL ADVISOR 
Rothschild & Co Middle East 

JOINT GLOBAL COORDINATORS 
Emirates NBD Capital PSC
Goldman Sachs International
HSBC Bank Middle East Limited 

JOINT BOOKRUNNERS 
Abu Dhabi Commercial Bank PJSC 
EFG-Hermes UAE Limited (acting in conjunction with EFG Hermes UAE LLC)
First Abu Dhabi Bank PJSC
 
LEAD RECEIVING BANK 
Emirates NBD Bank PJSC   
 
RECEIVING BANKS
Abu Dhabi Commercial Bank PJSC
Abu Dhabi Islamic Bank PJSC
Al Maryah Community Bank (MBank) 
Commercial Bank of Dubai
Dubai Islamic Bank
Emirates Islamic Bank
First Abu Dhabi Bank PJSC
Mashreq Bank
Wio Bank 
 
 Layan Shadid
Senior Consultant, Strategic Communications
 
FTI Consulting
+971 4 437 2146 T | +971 56 822 2402 M
layan.shadid@fticonsulting.com
 
Burj Daman, Dubai International Financial Centre
Dubai, United Arab Emirates
www.fticonsulting.com