EFG Hermes Completes Advisory on USD 428.7 Million IPO of Parkin on the DFM
تاريخ النشر: 21st, March 2024 GMT
The IPO set a record for the most subscribed offering on the Dubai Financial Market، with an overall subscription of approximately 165 times.
Dubai، March 21، 2024
EFG Hermes، an EFG Holding Company and the leading investment bank in the Middle East and North Africa (MENA)، announced today that its investment banking division successfully completed its advisory on the USD 428.
Parkin offered a total of 24.99% of its total issued share capital through the sale of 749،700،000 existing shares at AED 2.10 per share، implying a market capitalization of AED 6.30 billion (USD 1.72 billion).
The IPO captured the attention of investors، setting a record as the most oversubscribed offering on the DFM، with an overall subscription of approximately 165 times. EFG Hermes alone covered the book 44.3 times. Recognizing the overwhelming demand from retail investors، the company responded by augmenting the retail tranche by around 20% during the final stages of bookbuilding.
Karim Galal، Managing Director of Investment Banking at EFG Hermes، an EFG Holding company، commented، “The resounding success of Parkin's IPO as the most ever oversubscribed offering on the DFM underscores the unwavering confidence investors have in Dubai's burgeoning market and Parkin's strong position within it. Leveraging our robust sales capabilities، EFG Hermes orchestrated a swift and comprehensive bookbuilding process، covering the entire book within mere hours. As a key member of the syndicate، alongside two international banks and four regional banks، our contribution was pivotal in achieving this milestone. Our team's expertise and dedication ensured that Parkin stood out to investors as an attractive infrastructure play on Dubai’s promising economic growth trajectory.”
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-story 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.
This transaction is the latest in a series of landmark deals the Firm has advised on in the GCC region over the years، advising on eight IPOs in 2023 alone. This included advisory on the IPO of Dubai Taxi Company on the Dubai Financial Market (DFM) and OQ Gas Networks on the Muscat Stock Exchange (MSX)، the largest Omani IPO in over two decades. It also advised on the IPO of ADES Holding Company on the Saudi Exchange، as well as the successful IPOs of ADNOC L&S and ADNOC Gas Plc on the Abu Dhabi Securities Exchange (ADX); IPO of Lumi Rental Company on the Saudi Exchange; Abraj Energy Services on the MSX; and Al Ansari Financial Services PJSC on the Dubai Financial Market (DFM).
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SSIF’s assets grew by JD 1.7 billion to reach nearly JD 18 billion at the end of Q3 2025
صراحة نيوز –
The Social Security Investment Fund (SSIF) reported a record performance for the first nine months of 2025, with total assets nearing JD 18 billion by the end of September — an increase of JD 1.7 billion, or 10.6 percent, since the beginning of the year.
This growth was driven by an increase in total income, which advanced to JD 1.6 billion compared with JD 664.5 million for the same period last year — a 133.5 percent increase — along with the JD 164 million surplus transferred from the Social Security Corporation.
Total income was primarily derived from JD 809.6 million in realized income from the Fund’s investment portfolios and JD 741.7 million in revaluation gains from its strategic equity holdings.
Net income generated from the Fund’s diversified portfolios grew by 16 percent year-on-year, supported by income of JD 454.6 million from bonds, JD 222.4 million from equities, and JD 104.9 million from money-market instruments, in addition to returns from loan and real-estate investments.
The Fund’s assets were mainly allocated to bonds 57.8 percent, equities 18.2 percent, money-market instruments 12.6 percent, real estate 5 percent, loans 3.2 percent, and tourism investments 1.8 percent.
Chairman of the Investment Board, Omar Malhas affirmed that the results achieved during the year reflect the Fund’s solid and disciplined investment approach, which is based on long-term planning, diversification of investment instruments, and investment in viable projects that add value to the national economy.
He added that the Fund continues to strengthen its position as a pivotal national partner in implementing major strategic projects that form a key pillar of sustainable growth in the Kingdom—most notably through its participation in the National Water Carrier Project. He further noted the Fund’s commitment to pursuing investments that enhance portfolio diversification and align with the objectives of the Economic Modernization Vision.
Malhas emphasized that these strategic ventures demonstrate the Fund’s investment-driven national mission to generate sustainable returns that reinforce its financial strength. He added that this approach also reflects the Fund’s enduring institutional role in supporting the Kingdom’s economic framework and promoting a stable, efficient, and forward-looking investment environment.
SSIF CEO, Dr Izzedine Kanakrieh, stated that the Fund continued during the third quarter to translate its investment plans into tangible results through active portfolio management and prudent decision making, reflecting mature and disciplined policies.
He noted that the Fund has strengthened its holdings in several strategic listed companies on the Amman Stock Exchange, guided by a measured approach based on thorough evaluation and well-studied opportunities that enhance value and reinforce the Fund’s long-term position. This approach, he said, reflects confidence in Jordan’s capital-market outlook and underscores the Fund’s commitment to institutional investment practices that balance return and sustainability.
Kanakrieh also highlighted the Fund’s expanding activity in the real-estate sector, including the acquisition of strategically located lands and the signing of long-term lease agreements with local investors under the Build-Operate-Transfer (BOT) model. These initiatives, he explained, stimulate economic activity, create jobs across governorates, and enhance both the value and sustainability of the Fund’s asset base.
He added that these efforts reaffirm the Fund’s role as a national institutional investor dedicated to safeguarding the savings of Jordanians while achieving sustainable returns
The Social Security Investment Fund will continue to implement its long-term investment strategy, guided by an institutional approach that combines efficiency and sustainability, and enhances its enduring contribution to Jordan’s economic and social progress and development.
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