Fast Cables deploys 66% of IPO proceeds

April 23, 2026 (MLN): Fast Cables Limited (PSX: FCL) has utilized Rs2.27 billion, or roughly two-thirds of its IPO proceeds, as the Pakistani cable manufacturer moves its landmark expansion project toward full commercial production, according to a half-yearly progress report filed with the Pakistan Stock Exchange.

The Lahore-based company, which raised Rs3.13 billion through a June 2024 listing, selling 128 million shares at Rs24.45 apiece, reported Rs1.16 billion in undeployed funds as of December 31, 2025.

The float represented a 20.35% stake in the post-IPO entity.

Construction and mechanical works at the company's new Unit-II facility are now complete, with all machinery delivered and installed save for one laying-up machine.

Trial production was carried out in the first quarter of fiscal 2026, with commercial output commencing during Q1–Q2 2026, a roughly two-quarter lag against original prospectus targets.

The largest expenditure category was plant and machinery at Rs1.06 billion, followed by building construction at Rs643 million and land acquisition at Rs132 million.

Long-term debt repayments tied to the expansion consumed an additional Rs268 million.

The company acknowledged that only 30% of earmarked land for its current expansion has been formally acquired, with negotiations ongoing for a further 12%.

Management cited pricing discipline and location suitability as factors moderating the pace of purchases.

External auditors Crowe Hussain Chaudhury & Co. found no financial discrepancies across bank statements, profit receipts, and tax deductions.

The sole procedural note: civil and mechanical works were executed on land the company already held before its IPO, acquired in June 2023, rather than on newly purchased plots as originally outlined in the prospectus.

Fast Cables exports to 14 markets spanning the Middle East, Africa, and the Americas.

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