Panther Tyres Limited applies for listing at PSX

November 18, 2020 (MLN): Panther Tyres Limited (Formerly Mian Tyre And Rubber Company Limited) has applied for listing on the Exchange wherein it shall be issuing 40 million ordinary shares using the 100% Book Building Method at a floor price of PKR 47 per share.

According to the notice issued by PSX in this regard, the Issue consists of 40,000,000 ordinary shares (i.e. 28.57% of the total post-IPO paid-up capital of Panther Tyres Limited) of the face value of PKR 10/- each, of which 30,000,000 (21.42% of the total post-IPO paid-up capital of Panther Tyres Limited) ordinary shares are being issued by Panther Tyres Limited as New Issue and 10,000,000 (7.14% of the total post – IPO paid-up capital of Panther Tyres Limited) ordinary shares are being offered by Mian Iftikhar Ahmad as an Offer for Sale.

The entire Issue will be offered through book-building method at a Floor Price of PKR 47/- per share (including a premium of PKR 37/- per share) with a maximum price band of up to 40%. The bidders shall be allowed to place bids for hundred percent (100%) of the Issue size and the Strike Price shall be the price at which the hundred percent (100%) of the Issue is subscribed. However, the successful bidders shall be provisionally allotted only seventy-five percent (75%) of the Issue size i.e. 30,000,000 shares and the remaining twenty-five percent (25%) i.e. 10,000,000 shares shall be offered to the retail investors.

The draft prospectus of the company was placed on PSX's website. ‘All concerned are requested to provide their written comments on the Draft Prospectus, if any, to the Listing Department by emailing at comments.draftprospectus@psx.com.pk latest by COB Thursday, November 26, 2020’, said notification.

 As per the notice, Arif Habib Limited is the Lead Manager and Book Runner for the Issue. Habib Metropolitan Bank Limited (HMBL) and Meezan Bank Limited (MEBL) are the banks to the Book Building portion of the Issue.

Online applications can be submitted through Centralized E-IPO system (CES) of Central Depository Company of Pakistan Limited (CDC) and UBL e-IPO system. CES and UBL e-IPO system can be accessed via web link www.cdceipo.com and http://www.ubldirect.com/corporate/ebank respectively.

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