IPAK IPO oversubscribed 1.41x

KARACHI: The International Packaging Films Limited's (IPAK) initial public offer (IPO) has been oversubscribed 1.41 times, the company said on Thursday.

"The IPO received an overwhelming response from institutional investors and high-net worth individuals, with the strike price clocking in at Rs25.2 per share, higher than the floor price of Rs21," the leading flexible packaging films manufacturer of the country said in a statement.

The IPAK aims to raise Rs1.77 billion in total. Several brokerages had issued almost unanimous calls to 'subscribe', resulting in investor demand amounting to RS1.77 billion against the IPO's book-building size of Rs1.47 billion at the floor price.

The general public will subscribe to 17,526,364 shares, or 25 percent of the total offer size, on May 15-16 at the strike price of Rs25.2 per share, the company said.IPAK's listing is a significant event, as it is the largest manufacturer of flexible packaging film in the country.