SLG IPO oversubscribed on PSX main board

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MG News | March 29, 2024 at 06:02 AM GMT+05:00

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March 29, 2024 (MLN): In Pakistan's logistics sector, Secure Logistics Group (SLG) has emerged as the pioneer IPO on the main board of the Pakistan Stock Exchange (PSX), as the issue, with a size of Rs600 million, was oversubscribed on Thursday with a strike price of Rs12 per share.

A diverse array of investors participated in the book-building process. Institutions accounted for a substantial 76% of the total participation, with high net-worth individuals also contributing significantly, comprising 24% of the overall subscription.

Among institutional investors, financial institutions and mutual funds demonstrated notable confidence in SLG's future, contributing 27% of the total subscription.

Additionally, corporates and other institutional entities made up 49% of the institutional participation, further highlighting the broad-based support for SLG's IPO.

Before the IPO, SLG conducted a pre-IPO capital raise of Rs585 million, with leading institutional shareholders such as the Saudi Bugshan Group and Karandaaz Pakistan. This pre-IPO capital raise, combined with the IPO proceeds, culminated in a substantial total capital raise of Rs1.19 billion.

Arif Habib Limited played a crucial role as the lead manager and book runner for the IPO.

Copyright Mettis Link News

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