BF Biosciences IPO set for September 25-26: Arif Habib

MG News | September 10, 2024 at 10:50 AM GMT+05:00

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September 10, 2024 (MLN): Pakistan’s first biotech manufacturing facility, BF Biosciences Limited (BFBL), is gearing up for its Initial Public Offering (IPO) with book-building dates scheduled for the 25th and 26th of September 2024, as announced by Arif Habib Limited, the lead manager, on social media.

The company, which has already applied for listing on the Main Board of the Pakistan Stock Exchange (PSX), will offer 25 million ordinary shares with a par value of Rs03 each.

The IPO will follow the Book Building Method, with a floor price set at Rs55 per share.

The IPO proceeds will be used to finance the purchase of plant & machinery to expand the product range and improve efficiency, acquire export certifications such as PIC/S and SRA and new product development.

Earlier this year, the Board of Directors (BoD) of Ferozsons Laboratories Limited (PSX: FEROZ) allowed its 80% owned subsidiary BF Biosciences Limited to raise additional financing through way of private equity, bank loans and/or IPO.

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