Al-Shaheer’s IPO oversubscribed

LAHORE: Al-Shaheer Corporation Limited, a leading Pakistani meat exporter, received extraordinary market response for its book-building process as its total 18.75 million offered shares were oversubscribed 2.92 times, its official said on Tuesday.
Chief Operating Officer Khan Kashif at Al-Shaheer Corporation Limited, in a presentation on initial public offering, said the company has successfully raised Rs1.781 billion from the book building process at the strike price Rs95/share.
Khan said general public can purchase the company’s 6.25 million shares by 29 July (today).
He said the company exports beef and mutton to Middle East, while sells fresh meat and ready-to-cook items under the brand name of Meat One and Khas through a local network of 43 outlets. Besides, the company also manages mass delivery to corporate clients.
Pakistan’s total meat sale stands at Rs1.44 trillion and Meat One expected revenue for the fiscal year 2014/15 is one billion rupees, one percent of total local market.
The company is planning to expand its retail network to 101 outlets in the next four years and export to Egypt and Malaysia. Al-Shaheer Corporation Limited will also set up the country’s feedlot fattening farm in Thatta district and processed meat facility and poultry slaughtering plant in Lahore.