KARACHI: Pakistan Stock Exchange (PSX) on Wednesday struck a celebratory gong to mark the JS Global Capital lead-managed listing of Air Link Communication Limited in an in-house ceremony, a statement said.
The listing has emerged as the largest private sector IPO (Initial Public Offering) in the history of Pakistan’s capital market having a value of Rs6.43 billion at the strike price.
JS Global Capital Limited was the lead manager and the book runner of the issue. The company has been listed on PSX effective from September 22, 2021.
The issue consisted of 90 million ordinary shares which were offered 100 percent through the book building method at a floor price of Rs65/share. The bidders were allowed to place bids for 100 percent of the issue size.
However, the successful bidders were allotted only 75 percent of the issue size i.e. 67.5 million shares, and the remaining 25 percent i.e., 22.5 million shares were offered to retail investors.
The company received total participation of Rs10.73 billion against the Issue of Rs5.85 billion at the floor price, thereby being oversubscribed by 1.8x. A large number of investors participated in the book-building process and out of 518 bidders, 388 investors were declared successful.
Addressing the ceremony, the Air Link Communication CEO Muzzaffar H Piracha said, “It is a great day for Air Link, one of the largest mobile phone manufacturers, distributors and retailers, PSX and the capital industry for completing the largest private sector IPO in Pakistan’s history”.
“It is a proud moment for the mobile industry as well as Air Link as the first telecom company in Pakistan to get listed at PSX.”
Piracha said this would allow Pakistan to cut down on mobile devices import bill and help earn foreign exchange through the export of mobile devices.
“We are working in line with PM's 'Make in Pakistan' vision to reduce our dependence on imported commodities and shift to a sustainable export-oriented economy.”
Not only would it help us reduce trade deficit but also create employment opportunities for the people of our country, said Air Link chief.
Speaking about the successful IPO, the MD & CEO PSX, Farrukh H Khan, said, “I congratulate Air Link and all the stakeholders involved in this IPO for successfully carrying out the largest private sector IPO in Pakistan’s history”.
“I would also like to congratulate JS Global on successfully lead managing this landmark IPO. We are excited to welcome Air Link to PSX.”
Farrukh said this would allow local as well as foreign investors to get exposure to the fast-growing technology and communication sector in Pakistan.
According to the statement, the retail portion of the IPO also attracted a tremendous response. Applications for 25.9 million shares were received against the Issue size of 22.5 million shares. The retail portion of the Issue was thus oversubscribed by 1.15 times. Air Link raised these funds to meet the working capital requirements, which would increase its sales volumes.
The CEO of JS Global Capital Ltd, Muhammad Kamran Nasir, said, “JS Global has set the bar high for the industry through the flawless execution of Pakistan’s largest private sector IPO”.
“It speaks volumes about our investment banking strength and distribution capacity.” Nasir said local capital markets were undergoing a historic transformation,
which would result in more listings, and growth in the investor base through digital onboarding.
“I would also like to thank the honorable Prime Minister Imran Khan for introducing the new mobile policy and facilitating the industry to enhance Pakistan’s exports. I would also like to congratulate Muzzaffar H Piracha for his leadership and commitment to build Air Link, one of the largest mobile phone assemblers and distributors of Pakistan,” JS Global CEO said.
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