Another positive development for the Pakistan Stock Exchange (PSX) is the listing of a new company has come into operation! In the current financial year 2022, the first listing in PSX has emerged in the form of City Pharma Limited’s (CPL) Initial Public Offering (IPO). On July 9, 2021, Kosi PL was listed on the stock exchange. On this special occasion, a gong ceremony was held at the Exchange on July 12, 2021. The IPO was a great success in the book building phase in which the strike price was Rs32 per share while the floor price was Rs 28 per share. A total of 516 investors participated in the book building process in institutional and individual capacity out of which 340 investors were successful.
The issue was over-subscribed with 2.0x in which a total amount of Rs.4.087 billion was received on the floor price as against the issue size of Rs.2.035 billion. Great interest was shown by the public and the general public portion of the issue was over subscribed 1.6 times. 28,751,041 applications were received for ordinary shares as against the issue size of 18,173,000. Expressed interest in investing in the issue through the Exchange’s EIPO system. A total of 232 applications for 416,000 shares were sent through the EIPO system. CPL’s issue consisted of 72,692,000 ordinary shares or 35% of the total post-IPO, paid-up capital. All these issues were presented through the book building method at a floor price of Rs. 28 per share with a maximum price band of up to 40%. Initially, 75% of the shares, or 54,519,000 ordinary shares, were allotted to successful bidders, and 25% of the issue size, or 18,173,000 ordinary shares, were offered to retail investors at a quasi-strike price. Issue’s bookbuilding dates were June 15-16, 2021, while public subscription dates for the retail portion of Issue were June 23-24, 2021.
Follow us on Google News Asia Times Now page for faster updates.
