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August 5, 2020

TOMCL successfully listed on PSX

Business

August 5, 2020

KARACHI: A gong ceremony to mark the first listing of the year 2020 of The Organic Meat Company Limited (TOMCL) was held at Pakistan Stock Exchange (PSX), a statement said on Tuesday.

The company has been successfully listed on the Pakistan Stock Exchange on August 3, 2020, after its initial public offering (IPO) on July 14-16, 2020, which was oversubscribed 1.6 times, it added.

The Organic Meat Company is involved in exporting and processing of halal beef and mutton. The public offering of TOMCL is the first issue for the fiscal year 2020/21 and it attracted tremendous response from investors and other market participants, which reflects the overall dynamism and strength of the capital market of the country.

The company was to raise Rs720 million through the IPO by issuing 40,000,000 ordinary shares. The book-building process took place with a floor price of Rs18 per share, including a premium of Rs8/share with a maximum price band of up to 40 percent, or Rs25.20/share.

In the book building process; however, bids of close to Rs1.4 billion were received from qualified investors, while the strike price was set at Rs20/share.

The issue was oversubscribed 1.7 times with bids for 68.1 millio shares received for the 40 million shares on offer in the book building. The bidding took place with participation by leading local and foreign investors.

The issue offered to retail investors resulted in total applications for 15.79 million shares, amounting to Rs315.835 million being received from the general public.