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Pakistan Stock Exchange sees eight IPOs in FY21 - Newspaper


KARACHI: The Pakistan stock market saw a thriving Initial Public Offering (IPO) market in the FY21.
In all eight equity offerings were witnessed during the year which raised Rs20bn, the highest sum mobilised by corporates in 14 years the previous best was 12 transactions in FY07.
The eight new listings included: The Organic Meat Company, TPL Trakker Limited, Agha Steel Industries Limited, Panther Tyres Ltd, Service Global Footwear Ltd, Citi Pharma Ltd and Pakistan Aluminium Beverage Cans Ltd. The eighth was a preference share issuance of Engro Polymer and Chemicals Ltd.
Head of Research at Arif Habib Ltd Tahir Abbas said that besides the equity offerings, Bank Alfalah Ltd issued a Term Finance Certificate (TFC) during the year to raise up to Rs11bn. “Hence, total capital raised via debt plus equity IPOs stood at Rs31bn in FY21”. ....

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Service Global raises Rs2.17bn in book-building - Newspaper


KARACHI: Service Global Footwear Ltd (SGFL) the second company to seek listing at the stock market in the current calendar year raised Rs2.175 billion in the two-day book building.
The issue was offered at the floor price of Rs38 per share with a maximum price band of up to 40pc ie Rs53.20 per share.
Arif Habib Ltd, the lead manager and book runner for the IPO, said in a statement that the book building was over-subscribed by 5.8 times with price closing at the Rs53.20 per share.
The IPO proceeds would be used by the company for investment in Service Long March Tyres Ltd (SLM), which is the first all steel radial truck and bus (TBR) tyre manufacturing unit in Pakistan, being set up through a joint venture between Service Group and Chaoyang Long March of China. ....

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Service Global plans IPO


Service Global plans IPO
March 17, 2021
KARACHI: Service Global Footwear Ltd., Pakistan’s largest shoe exporter, is planning an initial public offering in the domestic market to raise funds to invest in its parent’s tire joint venture, Bloomberg reported on Tuesday.
The Lahore-based company plans to raise at least Rs1.6 billion rupees by offering 41 million shares at a floor price of 38 rupees each, according to Shahid Ali Habib, chief executive officer at Arif Habib Ltd., the sole adviser to the IPO. The price could be boosted by as much as 40 percent, meaning Service Global Footwear could raise as much as $14 million, Habib said. The company is scheduled to start taking investor orders as soon as the last week of March, he added. ....

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