November 8, 2021 (MLN): The book-building process of Pak Agro Packaging Limited (PAPL)’s Initial Public Offer (IPO) on the Growth Enterprise Market (GEM) Board of the Pakistan Stock Exchange (PSX) has concluded with an oversubscription of 1.85 times.
The book-building process was conducted on 3-4 November 2021.
“We have received total participation of Rs 366,453,573 against issue size of Rs 180,000,000 at the floor price of Rs22.5 per share. The issue has been oversubscribed by 1.85x. The total investors participated in the Book Building of PAPL were 106 out of which 69 are successful,” according to AKD Securities, advisor and book-runner of the issue.
PAPL’s IPO is the first on the GEM Board which is designed mainly for small businesses in Pakistan that are comparatively exposed to higher investment risk than the more established firms listed on the main board of the PSX.
The company offered 8,000,000 shares, equal to 40 percent of the company, at a floor price of Rs22.5 per share.
Pak Agro Packaging Limited, Pakistan’s pioneer and premier company, is in the business of manufacturing agricultural textile products specifically for use of the country’s hardworking farmers. PAPL also makes products for storage and packaging and fishing/livestock use. In addition to scaffolding, PAPL products serve a number of residential purposes.
