NCCPL declares ITTEFAQ IRON INDUSTRIES LIMITED (ITTEFAQ) eligible for clearing and settlement

NCCPL declares ITTEFAQ IRON INDUSTRIES LIMITED (ITTEFAQ) eligible for clearing and settlement

In a notice issued by the National Clearance Company of Pakistan Limited (NCCPL), it has notified all the relevant stakeholders about the eligibility of Ittefaq Iron Industries Limited (ITTEFAQ) for clearing and settlement of its trades.

Ittefaq Iron Industries Limited's initial public offering (IPO) received an overwhelming response from institutional and high net-worth individual investors during the book building process in May.

The company offered 31,312,500 shares at a floor price of Rs12/share, which was oversubscribed by 2.5 times. The company was able to generate demand of 78,405,687 shares at Rs30.2/share.

The strike price of Rs30.2 is also much higher than the floor price offered by the Ittefaq Iron and has enabled the company generate Rs1.26 billion from the stock market.

Ittefaq Iron Industries Limited belongs to Alshafi Group of Companies whose roots can be traced back to Ittefaq Foundries established by Mian Muhammad Sharif in 1940s.