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Agha Steel’s General Public Subscription oversubscribed by 1.28x

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October 20, 2020 (MLN): The general public subscription of Agha Steel Industries Limited’s 30 million shares i.e. 25% of the total offer size oversubscribed by 1.28x or by 8,322,500 ordinary shares amounting to PKR 266,320,000.

The process of general public subscription was held on October 14 and 15, 2020, both days inclusive at the price of Rs 32 per share.

The issue offered to retail investors resulted in total applications for 38,322,500 ordinary shares from general public against the issue size of 30,000,000 ordinary shares.

As per the subscription details, out of the total 5,210 applications received, 4,082 applicants bid for up to 2000 ordinary shares while remaining 1,128 applicants were applied for above 2000 ordinary shares.

Subject to scrutiny, applications for up to 2,000 ordinary shares will be allotted all the ordinary shares that they have applied for and applications above 2,000 ordinary shares will be allotted ordinary shares on pro rata basis, which will be communicated at a later date, revealed Arif Habib Limited’s notice to PSX, who was the consultant to the Issue for this IPO.

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Posted on: 2020-10-20T19:10:00+05:00

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