Gong ceremony on Listing of Air Link Communication Ltd held

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Staff Reporter
Karachi

A Gong ceremony was held on listing of Air Link Communication Limited which had successfully carried out its Initial Public Offering recently.

This was the largest private sector IPO in the history of Pakistan’s capital market having value of Rs 6.435 billion at strike price.

JS Global Capital Limited was the Lead Manager and the Book Runner to the Issue. The company has been listed on Pakistan Stock Exchange with effect from September 22, 2021.

The Issue consisted of 90 million ordinary shares which were offered 100% through book building method at a Floor Price of Rs 65 per share.

The bidders were allowed to place bids for 100% of the Issue size. However, the successful bidders were allotted only 75% of the issue size i.e. 67.5 million shares and the remaining 25% i.e. 22.5 million shares were offered to retail investors.

The company received total participation of Rs 10.730 billion against the Issue of Rs 5.850 billion at floor price, thereby being oversubscribed by 1.8x. A large number of investors participated in the book building process and out of 518 bidders, 388 investors were declared successful.

The retail portion of the IPO also attracted tremendous response. Applications for 25.9 million shares were received against the Issue size of 22.5 million shares.

The retail portion of the Issue was thus oversubscribed by 1.15 times. Air Link Communication Limited raised these funds to meet the Working Capital requirements. which would increase its sales volumes.

Speaking about the successful IPO & listing of Air Link Communication Limited, the MD & CEO PSX, Mr. Farrukh H. Khan, stated, “I congratulate Air Link Communication Ltd. and all the stakeholders involved in this IPO for successfully carrying out the largest private sector IPO in Pakistan’s history. I would also like to congratulate JS Global on successfully lead managing this landmark IPO.

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