Pakistan Stock Exchange is currently in a book building process to offer 20% of its paid up capital. In the first phase, 75% of the 160.295 million shares will be accessible to qualified investors to invest in by bidding a minimum of PKR 3 Million at a floor price of Rs. 28 per share. The remaining 25% the 160.295 million shares will be offered to general public via an IPO at a price determined during the book building process.
PSX has reached McKinsey & Company consultancy firm to help with the revamping of its business and marketing areas. Product development and marketing plans are under consideration by the Chinese Investors in an effort to introduce Futures and Options market.
The book building process is taking placing on 6th and 7th June 2017. Registration for bidders was held from June 1-7, 2017 till 3pm. The Company intends to offer 160,295,320 ordinary shares (20% of the total paid-up capital). The entire issue will be offered through Book Building. Initially 75% of the issue (120,221,320 shares) will be allotted to successful bidders and 25% of the issue (40,074,000 shares) will be offered to Retail investors at the Strike Price determined through Book Building. General Subscription will take place on Jun 9 & Jun 12, 2017 (during banking hours).
Pakistan’s market has witnessed meteoric rise over the course of last few years. Bloomberg has put Pakistan in the top 10 performing exchanges around the world after its stellar and consistent performance in the last five years. This positivity has been accentuated by addition of Pakistan in the MSCI – EM index. This equity up gradation is set to bring an uptake in form of strong net flows from foreign investors since the size of funds tracking Emerging Markets stands at US$ 1.4 to 1.7 trillion compared with that of US$ 17 – 20 billion of Frontier Market funds.