Launching ceremony of the Organic Meat Company Limited held today

Aug 4, 2020 (MLN): A gong ceremony to mark the first listing of the year 2020 of the Organic Meat Company Limited (TOMCL) was held on August 4, 2020, i.e. today at Pakistan Stock Exchange (PSX).

The Company has successfully listed on Pakistan Stock Exchange on August 3rd, 2020, after its Initial Public Offering (IPO) on July 14-16, 2020, was oversubscribed by 1.6 times. It is a significant and positive development for the capital market of Pakistan whereby a listing has taken place successfully in the challenging times of the Coronavirus pandemic. The Organic Meat Company is involved in exporting and processing of halal beef and mutton.

The gong striking event was attended by the COO of PSX – Mr. Nadir Rahman, CEO of The Organic Meat Company Limited – Mr. Faisal Hussain, CEO of Topline Securities (Joint Consultant to the Issue) – Mr. Mohammad Sohail, CEO of Intermarket Securities Ltd. (Joint Consultant to the Issue) – Mr. Wajid Hussain, CEO of AKD Securities Ltd. (Book Runner to the Issue) – Mr. Farid Alam, along with senior management and team members of these organizations. In the larger interest and safety of the public and to avoid large gatherings, the gong ceremony was streamed across all media channels virtually.

The Public Offering of TOMCL has been a success story not only for the Company itself but also for the Stock Exchange and the capital market of Pakistan.

The Company was to raise Rs 720 Mn through the IPO by issuing 40,000,000 ordinary shares. The book-building process took place with a floor price of Rs 18/- per share (including a premium of Rs 8/- per share) with a maximum price band of up to 40% or Rs 25.20 per share. In the book-building process, however, bids of close to Rs 1.4 Bn were received from qualified investors while the strike price was set at Rs 20 per share. The issue was oversubscribed by 1.7 times with bids for 68.1 Mn shares received for the 40 Mn shares on offer in the book building. The bidding took place with participation by leading local and foreign investors.

The issue offered to retail investors resulted in total applications for 15.79 Mn shares amounting to Rs 315.835 Mn being received from the general public. It is a significant occurrence that more than 60% of applications for the allotment of shares by the general public were received through the EIPO system of the Central Depository Company.

Mr. Farrukh H Khan, CEO of PSX said, “We are very happy to welcome The Organic Meat Company Limited, after its successful public subscription, as the first company in the fiscal year 2020-21 to be listed on the Stock Exchange”. Mr. Khan further stated, “The success of this IPO proves the strength and resilience of Pakistan’s capital market despite the challenges created by the Covid-19 pandemic and the subsequent impact on the economy as a whole”.

Mr. Faisal Hussain, the CEO of The Organic Meat Company Limited, said, “It’s an honor and a privilege to get listed at PSX. Moreover, raising equity capital during the pandemic will help us materialize our expansion plans and we will do our best to continue on the growth path and give investors a healthy return. I would like to take this opportunity to thank the entire investor community for the confidence they have shown in us”.

Upon listing of the company, COO of The Organic Meat Company Limited, Mr Ali Hussain, said, “Listing at PSX has been a great learning process and we would continue to strive to take the Pakistani meat products across the globe and show investors that we are thankful for their support through improved returns”.

Press Release

Posted on: 2020-08-04T10:30:00+05:00