Dubai – Mubasher: The subscription period for “Parkin” shares on the Dubai Financial Market ends tomorrow, Tuesday, for individual investors in the UAE.
According to company data, the subscription period for “Parkin” shares on the Dubai Financial Market for qualified investors continues until March 13.
Each subscriber in the first tranche is guaranteed a minimum allocation of up to 2,000 shares, taking into account the total number of shares allocated in accordance with the guaranteed minimum allocation in the first tranche, which does not exceed the total number of shares available in the first tranche, and therefore it could be less than 2,000 shares.
The final guaranteed minimum allocation for each subscriber in the first tranche is determined at the end of the subscription period based on the total number of subscribers in the first tranche and the offering price.
The Emirati company Parkin had previously announced that it had set the price range for the offering between 2 and 2.1 dirhams per share, which means that the market value when the value of those shares is included will range between 6 billion dirhams to 6.30 billion dirhams.
The final offering price will be determined through the book-building process, and investors participating in the retail offering in the UAE will subscribe to the shares at the offering price.
The offering and listing acceptance processes are currently expected to be completed on March 21, 2024.
The Dubai Investment Fund expects to sell 749.7 million ordinary shares, which represents 24.9 percent of the company’s total issued capital, with the fund reserving the right to modify the size of the offering at any time before the end of the subscription period.
The size of the offering will be approximately 1.49 billion dirhams to 1.57 billion dirhams. The final offer price is expected to be announced on March 14, 2024.
It is noteworthy that Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Prime Minister, in his capacity as Ruler of the Emirate of Dubai, issued, last January, Law No. (30) of 2023 establishing the “Parkin” company.
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2024-03-11 11:07:37
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