PSX marks EPCL’s listing

KARACHI: The Pakistan Stock Exchange (PSX) held a gong ceremony on Thursday to mark the success of preference shares listing of Engro Polymer & Chemicals Limited (EPCL), a statement said.

To open the trading day, the gong was struck by EPCL CEO Jahangir Piracha in the presence of PSX COO Nadir Rahman, PSX board members, and senior management of both organisations. The leadership and senior management of the Consultant to the Issue, Arif Habib Limited, was also present on the occasion, the statement added.

EPCL saw its preference shares oversubscribed by more than five times during an initial public offering in the mid of December. EPCL’s listing took place on December 31, 2020. The shares were offered through fixed price method at an issue price of Rs10 per share.

Out of the 300 million preference shares, 262.5 million preference shares or 87.5 percent were offered to and subscribed by the pre-IPO investors, whereas 37.5 million preference shares or 12.5 percent were offered to the general public.

EPCL CEO Jahangir Piracha said EPCL’s preference shares issue was a landmark transaction, having raised preference equity on non-rights basis in a very tumultuous year. “The success of this issue shows the investors’ confidence in EPCL business and its strategic direction.”