Dubai Parkin IPO announces setting share price range at Dh2-2.10

Parkin Co., a Dubai-based firm, has set the price range for its initial public offering (IPO) between Dh2 to Dh2.10 per share, as reported by Bloomberg on Tuesday.

The company's objective is to generate Dh1.57 billion through this IPO, which commenced on Tuesday. According to Bloomberg's report, the subscription period for retail investors will conclude on March 12, while institutional investors have until the following day to subscribe. Parkin Co. plans to list its shares on the Dubai Financial Market by March 21.

In an announcement on February 27, the company disclosed its intention to float 24.99 per cent of its shares, equivalent to 749.7 million shares, on the Dubai Financial Market, marking the first IPO in Dubai for 2024. In terms of allocation, five per cent of the shares are earmarked for the Emirates Investment Authority and an additional five per cent for the Pensions and Social Security Fund of Local Military Personnel.

For retail investors, ten per cent of the stock float will be made available, with each investor guaranteed a maximum of 2,000 shares. Emirates NBD Bank is designated as the lead receiving bank for the IPO. According to the prospectus, the minimum application size for the retail tranche is Dh5,000, with subsequent increments of Dh1,000 per share.

The IPO of Parkin Co. represents a significant milestone in the Dubai Financial Market, providing investors with an opportunity to participate in the growth and expansion of the company. With the offering price set between Dh2 to Dh2.10 per share, the company aims to raise substantial capital to fuel its future endeavors and strategic initiatives.

Investors, both retail and institutional, have shown keen interest in Parkin Co.'s IPO, indicating confidence in the company's prospects and market potential. The subscription period, which ends on March 12 for retail investors and a day later for institutional investors, will be closely monitored to gauge investor sentiment and demand for the offering.

Overall, Parkin Co.'s IPO is anticipated to inject liquidity into the Dubai Financial Market and attract heightened investor attention to the region's capital markets. As the first IPO of 2024 in Dubai, it sets the stage for potential future offerings and underscores the resilience and dynamism of the local economy.

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