Parkin has declared an upsurge in the number of shares available in the UAE Retail Offer of its initial public offering (IPO) due to high demand from retail investors.
Upon receiving approval from the Securities and Exchange Authority (SCA), the UAE Retail Offer has been expanded to 89,964,000 ordinary shares from the initial 74,970,000.
Based on the previously stated price range of AED 2.00 to AED 2.10 per share, the Retail Tranche’s size will now range between AED 179.93M ($49M) and AED 188.92M ($51M), representing 12% of the Offer Shares, up from the initially announced 10%.
The total offering size of 749,700,000 ordinary shares, equivalent to 24.99% of the company’s total issued share capital, remains unchanged, according to Arabian Business.
Following the increased allocation to the UAE Retail Offer, the Qualified Investor Tranche will receive 659,736,000 shares, down from the previous 674,730,000 ordinary shares, representing 88% of the Offer Shares, compared to the previously stated 90%.
The subscription period for the Offering remains unchanged, closing on Tuesday, March 12 for UAE Retail Investors and Wednesday, March 13 for Qualified Investors.
Parkin is set to commence trading on the DFM on March 21, 2024, under the symbol “PARKIN”.
