PARKIN COMPANY PJSC COMPLETES RECORD-BREAKING IPO, RAISING AED 1.6 BILLION (USD 429 MILLION) WITH OFFERING 165 TIMES OVERSUBSCRIBED

• Parkin Company P.J.S.C. (the “Company” or “Parkin”) confirms the Final Offer Price for its shares has been set at AED 2.10, resulting in a market capitalisation at listing of AED 6.30 billion (c. USD 1.72 billion)
• Record-breaking demand of c. AED 259 billion (c. USD 71 billion) for Parkin shares from local, regional, and international investors, with the IPO oversubscribed by c. 165 times in aggregate, representing the highest ever oversubscription level achieved on the DFM
• Exceptional institutional interest from the global investor community resulting in a c. 166 times oversubscription level for the Qualified Investor Offering
• Extremely strong retail investor demand within the UAE, driving a c. 153 times oversubscription level for the Retail Offering and a record number of applications received for a DFM IPO
• Record oversubscription levels are testament to the clear confidence of the investor community in Parkin’s attractive equity story and growth potential, underpinned by Dubai’s ambitious economic development and population expansion plans
• The IPO of Parkin represents another landmark milestone for the Government of Dubai and the Dubai Financial Market (“DFM”)
• Parkin is expected to commence trading on the DFM on 21 March 2024 under the symbol “PARKIN”.

Parkin Company PJSC (“Parkin” or the “Company”) today announces that, following the successful completion of the bookbuild process for its initial public offering (“IPO” or the “Offering”), it has set the final offer price for its IPO at AED 2.10 per share.

This will result in approximately AED 1,574.37 million (c. USD 428.69 million ) of gross proceeds for Dubai Investment Fund, (the “Selling Shareholder”). The Company and Selling Shareholder confirm the previously announced Offering size consisting of a total of 749,700,000 shares, equivalent to 24.99% of Parkin’s total issued share capital.

The Offering saw record-breaking interest with total gross demand for the IPO of c. AED 259 billion (c. USD 71 billion) at the final offer price, implying an oversubscription level of c. 165 times for all tranches combined at the final offer price, representing the highest ever oversubscription level achieved on the DFM.

The Qualified Investor tranche attracted exceptional demand across the globe of more than AED 230 billion (c. USD 63 billion) implying an oversubscription level of c. 166 times at the final offer price. The retail offering saw tremendous appetite from local investors with demand of c. AED 29 billion (c. USD 8 billion), implying oversubscription levels of c. 153 times, and almost 63,000 applications received, a record for a DFM IPO. This overwhelming investor demand is testament to Parkin’s compelling investment proposition and continued confidence in Dubai’s critical infrastructure and long-term growth prospects.

Eng. Mohamed Al Ali, CEO of Parkin, said: “Today represents a milestone moment for our business as we secured record-breaking investor demand for Parkin shares with overall subscriptions covered 165 times. This resounding confidence in our attractive equity story is testament to our best-in-class business model, strong financial performance, and the clear growth opportunities we see for Parkin. As a critical infrastructure to Dubai, we operate at the centre of the city’s exciting and ambitious growth plans. The IPO will enable us to build on and accelerate our success in providing seamless, sustainable, and innovative mobility solutions across the Emirate. We are proud to support Dubai’s privatization programme and the continued expansion of the Dubai Financial Market. I am excited to welcome our new investors to Parkin and reaffirm our commitment to delivering long-term value to all our stakeholders.”

Parkin is expected to commence trading on the DFM on 21 March 2024, under the symbol “PARKIN” and ISIN AEE01370P249. At listing, the Company will have a market capitalisation of AED 6.30 billion (USD 1.72 billion).

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.

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