TPL plans to raise funds

KARACHI: TPL Properties, a subsidiary of TPL Trakker Limited, has planned to sell 55.75 million shares through Initial Public Offering (IPO), a bourse filing said on Wednesday.
“The company will be offering 55.75 million shares via the book building process and the public offering, for that purpose, the company has mandated Arif Habib Limited and AKD Securities Limited to act as joint lead managers and arrangers for the IPO,” Shahryar Siddiq, company Secretary TPL Trakker said. Assuming the offer price at Rs10 per share, the company aims at raising Rs500 million from the offering.
It may be recalled that Dolmen Real Estate Investment Trust (REIT) in June this year offered REIT units. The offer through book building was oversubscribed as demand for Rs7.16 billion against the issue size of Rs4.16 billion at the floor price of Rs10 was received.
Of the 138.981 million units reserved for the general public, subscription applications for only 71.528 million were received.
Ahsan Mehanti at Arif Habib Corp said that the equity market was in a strangely volatile state. “I am not sure whether it is the right time for such an offering by TPL Group.”
Severe uncertainty prevails at the equity market, “It seems that local bourse is not immune to global events,” he added.
Mehanti said the market appetite for borrowing is now linked with global oil prices and investment trend of foreign portfolio investors.