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February 23, 2021

PSX holds gong ceremony on 5th listing of FY21

Business

February 23, 2021

KARACHI: Pakistan Stock Exchange (PSX) held a gong ceremony to mark the fifth listing of fiscal year 2021 with the successful initial public offering (IPO) of Panther Tyres Limited that raised Rs2.6 billion of 40 million shares last month, a statement said on Monday.

Panther Tyres Limited CEO Mian Faisal Iftikhar struck the gong in the midst of PSX MD Farrukh H Khan and senior management of both PSX and the company. Also present were the CEO and senior management of Arif Habib Limited who are the consultants to the issue.

The Issue consisted of 40 million ordinary shares, whereby the bidders were allowed to place bids for 100 percent of the issue size through book building method. However, successful bidders were provisionally allotted 75 percent of the issue size or 30 million shares, while the remaining 25 percent, ie 10 million shares, were offered to retail investors, the statement said. PSX MD said, “It is a proud moment for Pakistan Stock Exchange that yet another company has successfully completed its IPO and has been listed on the stock exchange.

I congratulate Panther Tyres Limited for their successful book building which attracted a large number of institutional investors and high net worth individuals leading to effective price discovery.”

A floor price of Rs47/share (face value of Rs10/share and premium of Rs37/share) was offered with a price band of 40 percent above the floor price. A large number of institutions and high net-worth individuals took part in the bidding, whereby the Issue was oversubscribed by 4.37 times.

Panther Tyre’s CEO Mian Faisal Iftikhar said, “This IPO will help us materialise our expansion plan and will take us one step forward towards our long term goal of reducing our country’s reliance on imported tyres and tubes.”

Arif Habib Limited CEO Shahid Ali Habib said the company managed to raise Rs2.6 billion through this issue, which saw an oversubscription of 4.4x in book building. “AHL is proud to have facilitated this journey for the company as its lead manager and book runner and we remain poised to bring more companies for listing on the bourse,” he added.