PSX holds gong ceremony for listing of BF Biosciences Limited

KARACHI: The Pakistan Stock Exchange (PSX) held a gong ceremony on Monday to mark the successful listing of BF Biosciences Limited (BFBIO), a joint venture between Ferozsons Laboratories Ltd and Bago Group of Argentina.

BFBIO has been instrumental in pioneering biotech manufacturing in Pakistan, producing biological medicines for cancer, chronic kidney disease (CKD), and Hepatitis-C for both local and international markets.

The company also played a crucial role in exporting biotech pharmaceuticals during the Covid-19 pandemic.Prominent attendees at the ceremony included Osman Khalid Waheed (CEO of Ferozsons Laboratories Ltd), Farhan Rafiq (COO of BF Biosciences Ltd), Rallys Eduardo Pliauzer (Group Director, Grupo Empresarial Bago SA), and Shahid Ali Habib (CEO of Arif Habib Ltd), who acted as the lead manager for the issue. The ceremony was graced by Argentinian Ambassador to Pakistan Sebastian Sayus, and senior management from the PSX.

BF Biosciences raised Rs1.375 billion through the issuance of 25 million ordinary shares at a floor price of Rs55 per share via book building, which concluded successfully with a strike price of Rs77 per share. The issue was oversubscribed by 3.4 times, garnering Rs4.67 billion in total participation.

Retail investors also showed strong interest, with applications for 6.32 million shares against

the offered 6.25 million shares.Speaking at the event, Company Secretary & Chief Legal and Corporate Affairs Officer Dr Fakhara Rizwan at the PSX highlighted the success of the IPO and the significance of BFBIO’s listing in enhancing investor options in the pharmaceutical sector.