Agha Steels' IPO oversubscribed by 1.51 times

MG News | October 07, 2020 at 08:16 PM GMT+05:00

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October 7, 2020 (MLN): Agha Steel Industries Limited (ASIL) has successfully concluded its book building process today.

The two-day book building process was over-subscribed by 1.51 times with a strike price clocked in at Rs 32 per share, higher than the floor price of Rs 30.

This IPO received an overwhelming response from investment community, as the company has received total bid volume of 135,973,717 against an issue size of 90,000,000 shares.

The general public will subscribe to the remaining 30 million shares (25% of the total offer size of 120 million shares) on Oct 14-15 at the strike price of Rs 32.

In a message on social media, Agha Steel CEO Hussain Iqbal Agha expressed his gratitude to investors and their historic overwhelming response.

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