Panther Tyres successfully raises Rs 2.63 billion through IPO

MG News | January 29, 2021 at 01:10 PM GMT+05:00

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January 29, 2021 (MLN): Panther Tires Limited has successfully raised Rs 2.63 billion through a two-day book building process concluded yesterday.

The two-day book building process was oversubscribed by 4.4 times with a strike price clocked in at Rs 65.80 per share, higher than the floor price of Rs 47 per share.

The IPO received an overwhelming response from institutional and high net worth investors, as the company has received total demand of Rs 8.2 billion against issue size of Rs 1.88 billion, oversubscribed by Rs 6.4 billion.

Arif Habib Limited being the Consultant to Issue for this IPO, informed the exchange that since this issue is being made through 100% book building with 25% allocation to retail investors, therefore, underwriting of the retail portion is not required.

In case, the issue remains unsubscribed, the unsubscribed shares shall be allotted to the successful bidders on a pro-rate basis. The successful bidders have already given undertakings to subscribe to such unsubscribed shares on a pro-rata basis, it added.

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