Our Correspondent
Karachi
In an exciting development at Pakistan Stock Exchange, a Gong Ceremony was held to mark the listing of preference shares of Engro Polymer & Chemicals Limited (EPCL).
The said listing which brings forth a new investment opportunity from EPCL, took place on 31st December, 2020. To open the trading day, the gong was struck by CEO, Engro Polymer & Chemicals Limited – Mr. Jahangir Piracha, amidst presence of the COO, PSX – Mr. Nadir Rahman, board members of PSX, and senior management of both the organisations. The leadership and senior management of the Consultant to the Issue – Arif Habib Limited – were also present at the occasion.
Engro Polymer & Chemicals Limited raised Rs 3 Bn by offering 300 Mn preference shares of face value of Rs 10/- per share. The shares were offered through Fixed Price Method at an issue price of Rs 10/- per share. Out of the 300 Mn preference shares, 262.5 Mn preference shares (87.5%) were offered to and subscribed by the Pre-IPO investors whereas 37.5 Mn preference shares (12.5%) were offered to the general public.
The IPO of preference shares of Engro Polymer & Chemicals Limited was extremely successful with applications for subscription of more than 202.047 Mn shares being received against an allocated target of 37.5 Mn shares in the general public portion of the said IPO.
The general public portion of the IPO was thus oversubscribed by 5.39 times or by more than 164.547 Mn shares/ Rs 1.645 billion.
