KARACHI: Pakistan Stock Exchange (PSX) on Friday marked the listing of Pakistan Aluminium Beverage Cans Limited (PABC) through a gong ceremony, a statement said.
This is the second successive equity listing in the current fiscal year FY2021-22.
PABC was represented by Ashraf Mukaty, Shahid Soorty, Zain Mukaty and Ahmed Mukaty. Officials from Arif Habib Limited (AHL), the consultants and book runners, were also present at the ceremony.
The gong ceremony was held at the Trading Hall of the Exchange and was addressed by the PSX officials.
Addressing the ceremony, Nadir Rahman, COO PSX, said demand size for the offer was Rs12.9 billion, the highest ever for any equity offering from the private sector.
Zain Mukaty, Director PABC, said, the company was on its path to expand capacity and tap new export markets for aluminium beverage cans.
Shahid Habib, CEO Arif Habib Limited, said PABC was the first and only aluminium beverage cans manufacturer in Pakistan.
The listing follows the sale of 93,888,000 ordinary shares of par value Rs10 each which were offered by Ashmore Mauritius PABC Limited, the sponsor of PABC, through the book building process. The entire offer was offered through book building process at a floor price of Rs35 per share. Initially 75 percent of the offer size was allotted to the successful bidders and 25 percent of the offer was offered to retail investors.
The book building phase of the offer attracted tremendous response from investors with the offer being oversubscribed by 3.3 times. The strike price came out at Rs49 per share. A large number of investors, totaling 447 in number, took part in the book building, of which 252 became successful participants.
The general public portion of the offer was also a huge success as it was oversubscribed by 1.85 times.
